Establishment of direct banking channels between Pakistan and Russia
Russia has called for establishing direct banking channels with Pakistan.
The Russian Ambassador to Pakistan, Alexey Yurievich Dedov has called for establishing direct banking channels between the two countries for the promotion of trade.
On November 17, a meeting at the Lahore Chamber of Commerce and Industry (LCCI). Talking to a delegation of LCCI in Lahore, the LCCI’s president Almas Hyder said,
“Russia has earned a distinctive status in the field of modern technologies. Pakistan could benefit by way of establishing closer ties with Russia.”
The Russian Ambassador said that currently, the trade between Pakistan and Russia is encouraging. Pakistan and Russian trade can be enhanced more if direct banking channels were established between the two countries. “Setting up direct banking channels will enhance the trade volume,” the Ambassador said.
He also recalled that two years ago, the Russian central bank and National Bank of Pakistan (NBP) had decided to set up a branch of NBP in Russia.
But it never happened. Both the countries had faced huge monetary losses while conducting mutual trade as payments have to go through other channels like Dubai etc.
Among the overall import and export destinations of Pakistan, Russia came at 31st and 32nd places, respectively. The LCCI president told that Pakistan has been exporting various goods to Russia.
Major exports by Pakistan to Russia:
- Citrus fruit
- Articles of apparel
- Woven fabric
- Hosiery items
- Sports Goods
- Home textiles
Major Imports from Russia to Pakistan:
- Dried vegetables
- Synthetic rubber
- Ferrous waste
- A scrap of iron or steel
The LCCI president said, “In upcoming years, the chances of enhancing trade are bright.”
Russia is one of the first countries that came to Pakistan’s aid. It has expressed its reservations over the new US Afghan strategy.
Previously, Moscow had warned Washington that putting pressure on Pakistan could seriously destabilize the region and result in negative consequences for Afghanistan.
The Prime Minister has given the credit of improved ties between Pakistan and Russia to the military. The Russian Defense Minister had first met former Army Chief Raheel Sharif in Pakistan.
Then Army Chief General Qamar Javed Bajwa visited Russia. These meetings proved fruitful and both countries are on their way to become good friends. The relationship between the two countries will prosper more in the coming years.