ISLAMABAD, Pakistan: The volume of bilateral trade between Pakistan and Russian Federation during last five years has reached US$ 2035.54 million, showing an increase with each passing year.
Of the total, Pakistan’s exports volume to Russian Federation was US$ 951.37 million while imports volume from Russian Federation was US$ 1,084.17 million during the period.
Giving break-up of trade between the two countires, sources at Commerce Division on Friday said during 2010-11, Pakistan’s export volume to Russia was US$ 183.57 million, in 2011-12 US$ 189.61 million, in 2012-13 US$ 207.31 million, in 2013-14 US$ 187.04 million and during 2014-15 the exports volume reached US$ 183.84 million.
With regard to imports from Russia, the sources said during 2010-11 the amount of imports volume from Russia was US$ 163.42 million, in 2011-12 US$ 202.05 million, in 2012-13 US$ 277.17 million, in 2013-14 US$ 235.08 million and the volume touched US$ 206.45 million mark in 2014-15.
The sources while highlighting the steps being taken by government to improve the said volume of trade between the two countries said Trade Development Authority of Pakistan (TDAP) arranged participation of 12 exporters from agricultural sector in World Food Moscow exhibition to help them introduce and capture Russian market.
Moreover, in order to get competitive market access in Russian Federation by lowering customs duties applicable on Pakistani goods, Ministry of Commerce has asked Ministry of Foreign Affairs to request Eurasian Economic Union for initiation of talks for a Free Trade Agreement (FTA).
The sources said Heimtextil Moscow is one of the leading exhibition for textile products and TDAP arranges participation of Pakistani exporters in this exhibition every year.
The TDAP is arranging participation of 15 exhibitors in International Sports Exhibition in Moscow.
The sources said a seminar was also held in Lahore by TDAP to create awareness among the exporters and Russian Federation is a member of Eurasian Economic Union (EEU), which is a customs union of Russian Federation and other former soviet states.
In order to gain competitive market access in EEU, Ministry of Commerce in consultation with Ministry of Foreign Affairs is reaching out to EEU to initiate a dialogue for a Free Trade Agreement.