Islamabad, July 07, 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 parties to the dispute have expressed their inclination for early settlement and that he has met with the Pakistani businessmen who are party to the litigation in the courts. He informed that negotiations with the Pakistani businessmen are in a clear shape to be forwarded to the Russian side. He added that the proposals will be communicated to the Russian side in few weeks.
Mr. Khurram Dastagir Khan, Minister for Commerce emphasized on a definite timeline for resolution of the dispute and informed that the Commerce Ministry is vigorously pursuing the efforts. He said that the dispute is an impediment to enhancing cooperation between the two sides in energy and infrastructure development sectors.
The Finance Minister expressed his desire for expeditious removal of the impasse which is hampering trade relations between the two countries. He said that the political leadership of both the countries has expressed its resolve to overcome the issues and take forward mutual trade relations.
He said that the Russian side is interested for investment in railways, oil and gas exploration and steel manufacturing industry. 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.
The Finance Minister said that all the concerned Ministries should be on one page and work for honourable resolution of this issue. He said that the solution should 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 the issue should be wind up at earliest. 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