Islamabad, July 10, 2014 (PPI-OT): Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting of the Committee formed by the Prime Minister to resolve long standing trade issues between Pakistan and Russia at the Finance Ministry today.
Chairman BOI, Mr. Mifttah Ismail informed the Committee that the Pakistani businessmen who are party to the litigation in the courts with the Russian Government have agreed to dispute resolution and the proposals in this regard will be communicated to the Russian side for moving forward. He informed that negotiations with the Pakistani businessmen are in a clear shape to be forwarded to the Russian side.
Mr. Khurram Dastagir Khan, Minister for Commerce said that the dispute is an impediment to enhancing cooperation between the two sides in energy and infrastructure development sectors. He said that we are facilitating to the business community and willing to work for their interests.
Mr. Yaqoob Tabani M/s Tabani Corporation and Mr. Rauf Alam M/w Fateh Group of Industries Ltd who are party to the dispute expressed their confidence in the government efforts. They said that credit goes to the Finance Minister and other Committee members that efforts are being made to resolve an issue which has hindered the trade relations of the two countries for the last 17 years.
The Finance Minister said that there is lot of potential in trade between the two countries but unfortunately due to this impasse we could not benefit to our true potential. He said that the solution will be win-win situation for both the Russian Government and our businessmen. He emphasized that any arrangement agreed by both the parties should be implemented with full commitment and result in winding up of litigations and restoration of normal trade relations.
He emphasized that we need to move on fast track for resolution of this outstanding financial dispute enabling Russian investors to bring in their capital to Pakistan and explore the areas in which they can help.
Dr. Waqar Masood, Finance Secretary, Mr. Shahzad Arbab, Commerce Secretary, Rana Assad Amin, Advisor to Finance Ministry and senior officials of the Ministry of Finance also attended the meeting.
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326