Pakistan, Ukraine discuss measures to promote trade relations

ISLAMABAD, Pakistan: Minister of State for Board of Investment Dr. Mifta Ismail Wednesday discussed different matters for the promotion of trade and investments with Ambassador of Ukraine in Pakistan Volodymyr Lakomov here.

The Minister of State was briefed by the Ambassador about the 3rd mutual Agreement on Investment, which follows two other agreements including Trade Agreement, and Taxation Avoidable Agreement.

The draft of Agreement on Investment has been finalized by the Ukraine for the consideration of Pakistan, said press statement issued here by Board of Investment (BoI).

Although the Foreign Direct Investment (FDI) between Pakistan and Ukraine is nil but trade between the two countries has improved over the years.

Total trade between the two countries was $ 275,862 in year 2014-2015 as compared to the $186,135 in the year 2013-2014.

Both the countries have trade in staple fiber, edible fruits, nuts, plastic and related articles, cotton, toys, sports requisites, articles of leather, animal gut, travelling goods, iron and steel, oil seeds, grain, cereals, vegetables, dairy products, honey, fertilizers and wheat etc.

Based on the recent trends and keeping in mind the international arbitral awards, Pakistan is also revising the draft of BIT (Bilateral Investment Treaty) in consultation with relevant stakeholders. Therefore further negotiations with any country will be done accordingly.

Minister of State and Ambassador of Ukraine also discussed the cultural aspects of the countries.

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