Large-scale cooperation on the cards: Russia is interested in relaunching PSM – business & finance


ISLAMABAD: While showing concern about the slow implementation of previous pacts, Russia has shown interest in the revival of Pakistani steel plants, the creation of floating LNG power plants, cooperation in the oil and gas sector and trade, knowledgeable EAD sources said. Business recorder.

These issues will be discussed in detail at the Seventh Meeting of the Pakistani Russian Intergovernmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation to be held in Yekaterinburg (Russia) from November 24-26, 2021.

The meeting will be co-chaired by Omar Ayub Khan, Minister of Economic Affairs, Chairman of the Pakistani side of the Commission and Nikolay Shulginov, Minister of Energy of the Russian Federation, Chairman of the Russian side of the Commission.

The meeting will also bring together members and experts from both sides of the Commission.

Both sides expressed satisfaction that, even in the context of the COVID-19 pandemic, Pakistan and Russia are finding opportunities to discuss issues of trade and economic cooperation.

Both sides stand ready for a coherent implementation of the decisions taken at the meeting of the Commission as they noted with satisfaction the constructive nature of the bilateral political dialogue, including contacts at the highest levels, and productive cooperation within international organizations.

Regarding the implementation of the decisions and recommendations of the sixth meeting of the Commission, both parties noted with satisfaction the progress made in the implementation of the decisions taken at the sixth meeting of the Commission. However, at the same time, both sides drew attention to the slow implementation of some of the agreements reached at the previous Commission meeting and called for their implementation to be speeded up.

The two countries are expected to hold the fourth meeting of the Joint Trade and Investment Working Group in mid-2022.

The two sides believe that the current volume of bilateral trade does not match the existing potential. According to the Federal Customs Service of Russia, in 2020 the turnover of the Russian-Pakistani trade increased by 45.8% compared to 2019 to reach 789.8 million dollars. In this regard, the two sides will continue their joint efforts to strengthen Pakistani-Russian cooperation in the field of trade and investment.

The two sides will agree to take the necessary measures to expand access to mutual markets in order to significantly increase the volume of bilateral hade.

The Russian side expressed concern over the introduction of an anti-dumping duty on Russian phthalic anhydride on June 5, 2021, following an anti-dumping investigation.

In order to establish legislative bases for the development of customs cooperation between Pakistan and Russia, the two parties will agree to continue the joint work aimed at signing the following documents: (i) agreement between the government of the Russian Federation and the Government of Pakistan regarding cooperation and mutual assistance in customs matters; (ii) Protocol between the Federal Customs Service (Russian Federation) and the Federal Tax Council of Pakistan on the exchange of documents and data on the customs value of goods transported between the Russian Federation and Pakistan; and (iii) Protocol between the Federal Customs Service (Russian Federation) and the Ministry of Commerce of Pakistan on administrative cooperation, information exchange and mutual assistance under the Unified System of Tariff Preferences of the Eurasian Economic Union.

The two sides will confirm their readiness to provide assistance to the Russian-Pakistani project in the field of joint development and production of information security tools and cooperation in the field of international information security.

The Russian company (Control 2 goLLC) will assist in the implementation of commercial projects in Pakistan in the field of monitoring agricultural land and crops, water resources and infrastructure, using the collection of “Big Data” and their analysis using artificial intelligence algorithms and deep machine learning, to determine the condition of crops, yields and the level of crop losses due to natural disasters.

The two sides will discuss the draft agreement between Russia and Pakistan on international road transport and agree on its final version.

The Federal Air Transport Agency, together with the Civil Aviation Agency of Pakistan (PCAA), will continue to coordinate the draft airworthiness working agreement with a view to signing it as soon as possible.

The Pakistani side will send Rosselkhoznadzor, the Russian Federal Veterinary and Phytosanitary Surveillance Service, previously requested veterinary and sanitary requirements for the import of Russian livestock products, as well as information on the maximum allowable levels of substances in imported products in Pakistan by the end of 2021.

The Pakistani side will agree on a veterinary certificate for edible fish, seafood and finished products exported from Russia to Pakistan by the end of 2021.

The Russian company LLC is interested in the implementation of a project to introduce innovative technologies using [email protected] natural humic acid fertilizer and food additive in Pakistani agriculture to increase yields and improve product quality, reduce applied doses of chemical fertilizers and pesticides, increase productivity of livestock and poultry and development of organic agricultural production.

The Russian side will inform the Pakistani side of the willingness of Russian companies including, but not limited to (Security Code) LLC, T8 LLC, (Scad Tech) GC to cooperate with the Pakistani side in the field of ICT.

The two sides will develop cooperation in the pharmaceutical field. The Russian side will send business proposals from Russian pharmaceutical manufacturers on the supply of its products to Pakistan. The Pakistani side will transmit information on the existing preferences in this area in order to facilitate the entry of Russian pharmaceutical manufacturers into the Pakistani market.

The two sides noted significant potential for cooperation in the field of metallurgy. Russia will show that Russian companies are ready to participate in the restoration of Pakistani steelworks in Karachi. Both parties have shown their willingness to exchange the necessary information, possible business models and conditions on the proposed restoration plan.

The Russian side has confirmed its interest in the supply and after-sales service of Russian civil aircraft for the benefit of Pakistani state and commercial organizations.

According to Russia, (UAZ) LLC is interested in the supply of assembled vehicles for public and private customers and the implementation of the vehicle assembly project (SKD kits) in Pakistan.

The Russian company JSC ‘Central Design Bureau, Iceberg’ will organize the joint implementation of the project of a floating liquefied natural gas (LNG) power plant with a capacity of 50 and 150 MW in the territorial coastal waters of Pakistan .

The two parties will welcome Rosgeo JSC’s interest in intensifying cooperation with state and private structures in Pakistan in the field of geological exploration for hydrocarbons and minerals. The two sides will support the interest of power Machines JSC to act as the main equipment supplier for the construction of the second stage of DasuHPP, as well as to participate in other prospective projects in Pakistan’s power industry. .

The two sides will welcome the continued constructive negotiations between Zarubezhneft JSC, Pakistan Petroleum Limited and Mari Petroleum Company on options for possible cooperation in the implementation of joint projects for the development of oil and gas fields in Pakistan and other countries. third.

Pakistan noted the interest of the Russian and Pakistani sides to continue the interaction in order to explore the opportunities and prospects for mutually beneficial cooperation in the oil and gas sector in Pakistan and in third countries, including the implementation potential joint projects in gas exploration and production.

Russian company PJSC Severstal will extend cooperation to develop successful cooperation with SSGC, ISGS, Oriental Stream Limited and other companies in oil, gas and metallurgical sectors to supply steel products to Pakistan market.

The two parties have agreed to sign the Special Purpose Company (SPC) statutory documents for the construction of the pipeline by December 31, 2021.

The Russians called on Pakistan to support Moscow’s bid to host the EXPO-2030 World Expo in Moscow. Pakistan will support the Russian candidacy.

Copyright Business Recorder, 2021

Leave A Reply

Your email address will not be published.