Meeting decides to improve trade mechanism with Russia
A high-level committee, led by Minister for Planning, Development, and
Special Initiatives Ahsan Iqbal, has instructed the State Bank of Pakistan
(SBP) to engage with banks and major exporters to establish a transaction
settlement mechanism for trade with Russia.
The committee has held several meetings, but a finalized agenda is still
pending, with further discussions expected during an upcoming high-level visit
to Moscow. Pakistan’s ambassador to Russia, Khalid Jamali, recently visited
Islamabad to provide updates on various discussions related to future relations
with Russia.
In the committee’s sixth meeting on August 6, 2024, chaired by Ahsan Iqbal,
it was noted that Prime Minister Shehbaz Sharif might call a review meeting to
assess preparations for the Moscow visit. Ministries were instructed to be
ready to present their engagement strategies to the Prime Minister on short
notice.
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The committee decided that all ministries and divisions must prepare concise
presentations for the Prime Minister, summarizing their strategies and roadmaps
for engaging with Russia, in line with previous committee decisions.
The SBP was tasked with consulting banks and leading exporters to develop a
transaction settlement plan for trade with Russia, considering non-sanctioned
and innovative methods, potentially drawing on models like the BRICS New Development
Bank.
The Ministry of Railways was assigned to conduct a feasibility study for
passenger travel on the Pakistan-Iran-Turkey route and explore multi-gauge
options in collaboration with engineering universities.
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The Ministry of Water Resources was directed to work with the Power Division
to align overlapping projects and ensure consistency in the proposed roadmap.
The Ministry of Inter-Provincial Coordination (IPC) was asked to coordinate
with provinces and prepare a consolidated presentation for the Prime Minister.
The meeting was attended by the Minister for Water Resources, Dr. Musadik Masood Malik; Special Assistant to the Prime Minister, Syed Tariq Fatemi; Prime Minister’s Coordinator, Rana Ihsan Afzal; and senior officials from various concerned ministries.
Source: Profit Pakistan