Russia-Pakistan sign landmark protocol

Pakistan and Russia have signed a bilateral trade agreement to facilitate and reduce the cost of trade between the two countries.

Nga-Pakistan ký Nghị định thư mang tính bước ngoặt

Pakistan's Ministry of Commerce and the Russian Federal Customs Service signed a protocol on customs cooperation. (Source: Pakistan Today)

From May 17-19 in Kazan, Russia, the Economic Conference for Muslim Countries took place, bringing together delegates from 85 countries to discuss ways to promote a platform for exchanging business ideas.

Within the framework of the conference, the Ministry of Commerce of Pakistan and the Federal Customs Service of Russia signed a Protocol on customs cooperation, which serves as an important legal framework for the development of trade relations between the two countries.

The Protocol covers administrative cooperation and information exchange within the framework of the Eurasian Economic Union's Unified Tariff Preferences. In addition to ensuring the smooth flow of goods, the Protocol also significantly reduces customs duties on Pakistani products entering the Russian market.

The signing of the landmark Protocol marks another important step in establishing the necessary legal framework for the development of trade relations between Pakistan and Russia, an official statement from the Ministry of Commerce of Pakistan said.

In recent times, trade and political relations between Pakistan and Russia have witnessed a significant improvement. The two sides have held several meetings between high-level officials, especially on oil and gas trade. Highlights include the visit of the Russian Oil Minister to Islamabad, followed by the visit of Pakistani Foreign Minister Bilawal Bhutto-Zardari to Moscow.

Source