Relentless Efforts to improve Pakistan-Russia Economic Relations, MOU Signed between FPCCI and CCR

By Daily Independent On Jun 26, 2023

Islamabad (PR): The Federation of Pakistan Chambers of Commerce & Industry and the Chamber of Commerce of the Sakha Republic (Yakutia), Russia have signed an MOU desiring to contribute to the expansion of friendly relations in the future through the development of cooperation projects aimed at mutually beneficial development of joint business projects in the SakhaRepublic (Yakutia) and Pakistan, guided by the desire to develop foreign economic relations between the SakhaRepublic (Yakutia) and in Pakistan: The MOU was signed after a week of 75th anniversary on the establishment of bilateral relations between Pakistan and Russian Federation, at the Saint Petersburg economic forum 2023. Mr. Umar Masood Ur Rehman Vice President FPCCI and Mr. Bogoslovskaya Marina President CCR have signed the MOU.

Republic of Sakha (Yakutia) is the largest republic of Russia, located in the Russian Far East, along the Arctic Ocean, and with a population of roughly 1 million Sakhacomprises half of the area of its governing Far Eastern Federal District. According to the signed MOU, both Parties will help establish direct contacts and exchanges between themselves and individuals of both Parties in the spheres identified by the Protocol of Intentions. Both Chambers will also develop cooperation for the development of joint business projects based on mutual benefit and under the laws of their states in the field of foreign economic relations.

The cooperation following the Protocol of Intentions will be implemented in the joint business projects, sharing of the necessary information for the development of joint projects, consultancy services and also the extending of close cooperation in the field of mass media.

Mr.Umar Massod Ur Rehman also told that both CCI will enter into treaties and agreements to implement the objectives of the Protocol of Intentions, If any matters relating to the interpretation or application of this Protocol of Intentions arise will be resolved by consultation and negotiation. He further said that With the right economic measures taken by both governments, Russia and Pakistan can achieve trade up to 20 billion USD. We are only twenty kilometers away to have a direct trade route with Russia, connecting that with Gwadar, Pakistan will benefit tremendously. He said that A direct ship from Saint Petersburg to Karachi has launched and should be explored by traders in Pakistan and Russia .

The Foreign Minister of Pakistan Bilawal Bhutto Zardariand his Russian counterpart Sergei Lavrov also spoke on the occasion through video link.