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Pak-Russia IGC session: MoU signed, five working groups formed on economy
Pakistan and Russia Friday inked Memorandum of Understanding (MoU), protocol/joint statement and formed five working groups to enhance cooperation in various field of economy. Finance Minister Ishaq Dar led the Pakistani side while the Russian side was headed by Viktor P Ivanov. The two sides signed the agreements at the conclusion of 4th Inter-Governmental Commission (IGC) session.
Agreement on settlement of mutual financial claims and obligations, Memorandum of Understanding (MoU) on Science and Technical cooperation and the protocol/joint statement was inked. The joint statement was also signed by the working group on energy of Ministry of Water and Power and Ministry of Petroleum and Natural Resources for engaging the Russian counterparts in the energy sector. The commission also decided to establish five working groups on (a) Finance and Banking; (b) Industry (with sub group on Pakistan Steel Mills); (c) Food and Agriculture; (d) Transport and Logistics and (e) Education including professional training.
The media was informed that the two sides reviewed the bilateral relations and discussed possibilities of enhancing cooperation in finance, trade and investment, science and technology, industry, energy, oil and gas exploration, food and agriculture, textile, drug and narcotics control and other areas of mutual cooperation while underscoring the importance of having high-level contacts between the two countries for further strengthening of ties.
Speaking at a news conference along with Russian Federation minister Viktor P Ivanov, Finance Minister Ishaq Dar said that North South Gas Pipeline would be completed by December 2017 and Pakistan has also offered Russia to take part in Pakistan Steel Mills (PSM) privatisation bidding process.
Dar also stated that Russia made the largest investment in Pakistan through inter government agreement on North South Gas Pipeline on October 16, 2015. Both sides agreed to develop a timeframe for the North South Gas Pipeline and for setting up of a monitoring mechanism. The minister stated that North South Gas Pipeline would be completed by December 2017, adding that trade relations between Pakistan and Russia are being reinitiated after two decades.
He said measures would be ensured to promote business activities between the private sectors of the two sides, direct flights would be started and export of agriculture products to Russia would be further increased. Pakistan would also sign a free trade agreement with Russia, the Finance Minister added. The minister stated that over 60 delegates from the Russian Federation including officials and the experts participated in the 4th IGC.
Russian Federation Minister Viktor P Ivanov said that implementation of the signed MoU is necessary. He further stated that Russia is strengthening economic and defense ties with Pakistan and would offer helicopter and aeroplanes to Pakistan and joint military exercises are also in the pipeline. He said the two sides have also formed five working groups on different sectors of economy.
Both sides decided to hold the 5th session of the Inter Governmental Commission in 2016 at Moscow, on mutually convenient dates. On the sidelines of the IGC, first-ever Pakistan Russia Investment Forum was held at Islamabad with wide representation of the private sector and the business community from Russia and Pakistan. A mutual desire was expressed to enhance bilateral trade relations and investment, particularly in the field of energy and agriculture. The Russian side appreciated the high quality of Pakistan's agricultural products and expressed interest for increasing their exports to Russia.
i know your more interested in the bit that i put in bold.
Pak-Russia IGC session: MoU signed, five working groups formed on economy | Business Recorder
Pakistan and Russia Friday inked Memorandum of Understanding (MoU), protocol/joint statement and formed five working groups to enhance cooperation in various field of economy. Finance Minister Ishaq Dar led the Pakistani side while the Russian side was headed by Viktor P Ivanov. The two sides signed the agreements at the conclusion of 4th Inter-Governmental Commission (IGC) session.
Agreement on settlement of mutual financial claims and obligations, Memorandum of Understanding (MoU) on Science and Technical cooperation and the protocol/joint statement was inked. The joint statement was also signed by the working group on energy of Ministry of Water and Power and Ministry of Petroleum and Natural Resources for engaging the Russian counterparts in the energy sector. The commission also decided to establish five working groups on (a) Finance and Banking; (b) Industry (with sub group on Pakistan Steel Mills); (c) Food and Agriculture; (d) Transport and Logistics and (e) Education including professional training.
The media was informed that the two sides reviewed the bilateral relations and discussed possibilities of enhancing cooperation in finance, trade and investment, science and technology, industry, energy, oil and gas exploration, food and agriculture, textile, drug and narcotics control and other areas of mutual cooperation while underscoring the importance of having high-level contacts between the two countries for further strengthening of ties.
Speaking at a news conference along with Russian Federation minister Viktor P Ivanov, Finance Minister Ishaq Dar said that North South Gas Pipeline would be completed by December 2017 and Pakistan has also offered Russia to take part in Pakistan Steel Mills (PSM) privatisation bidding process.
Dar also stated that Russia made the largest investment in Pakistan through inter government agreement on North South Gas Pipeline on October 16, 2015. Both sides agreed to develop a timeframe for the North South Gas Pipeline and for setting up of a monitoring mechanism. The minister stated that North South Gas Pipeline would be completed by December 2017, adding that trade relations between Pakistan and Russia are being reinitiated after two decades.
He said measures would be ensured to promote business activities between the private sectors of the two sides, direct flights would be started and export of agriculture products to Russia would be further increased. Pakistan would also sign a free trade agreement with Russia, the Finance Minister added. The minister stated that over 60 delegates from the Russian Federation including officials and the experts participated in the 4th IGC.
Russian Federation Minister Viktor P Ivanov said that implementation of the signed MoU is necessary. He further stated that Russia is strengthening economic and defense ties with Pakistan and would offer helicopter and aeroplanes to Pakistan and joint military exercises are also in the pipeline. He said the two sides have also formed five working groups on different sectors of economy.
Both sides decided to hold the 5th session of the Inter Governmental Commission in 2016 at Moscow, on mutually convenient dates. On the sidelines of the IGC, first-ever Pakistan Russia Investment Forum was held at Islamabad with wide representation of the private sector and the business community from Russia and Pakistan. A mutual desire was expressed to enhance bilateral trade relations and investment, particularly in the field of energy and agriculture. The Russian side appreciated the high quality of Pakistan's agricultural products and expressed interest for increasing their exports to Russia.
i know your more interested in the bit that i put in bold.
Pak-Russia IGC session: MoU signed, five working groups formed on economy | Business Recorder
