Significant progress in trade activities are noted between Pakistan and Russia recently. Two freight vehicles carrying commercial goods from Moscow entered Pakistan via Torkham, Pakistan will import 11 items and export 26 items from Russia.
According to Geo News, customs officials say that there is a significant development in trade activities with Russia under the TIR agreement.
The cargo vehicles coming from Russia are loaded with yarn, chana. Eleven items including wheat, pulses, yarn, petroleum products will be imported from Russia. Pakistan will export 26 items including rice, medicines, fruits, sports goods to Russia.
Similarly, the spokesperson of the Russian Embassy says that the trade between Russia and Pakistan increased by almost 50% till May.
The trade volume was more than 760 million dollars. This is another step towards strengthening the trade ties between Pakistan and Russia. Furthermore, Federal Minister of Communications Asad Mahmood says that under the current geographical and economic scenario, the road transport agreement between Pakistan and Russia will promote the country’s economy and It will be a catalyst to pave the way for a wider influx of trade.
He made this statement on the occasion of the first Russian truck entering Pakistan through the Torkham border under the Road Transport Agreement with Russia.
Federal Communications Minister Maulana Asad Mehmood signed a road transportation agreement with Russia’s Transport Minister Vitaly Sivliyev on the occasion of his first visit to Moscow in November 2022.
The agreement was signed in line with Prime Minister Shahbaz Sharif’s vision to promote trade with neighboring countries.
This is the first time since the establishment of diplomatic relations with Russia in 1948 that a trade corridor has been established through roads.
Russia is the fourth largest exporter of LNG in the world and Pakistan has a large potential to export fruits, garments, surgical instruments and agricultural products, which would lead to a potentially strong trade partnership between the two countries.
The goods will be transported under the TIR carnet under which road transport permits are issued to facilitate customs procedures at the borders.