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Free Trade Agreement
Pakistani exports to Russia increase by 10% in 3 monthsPakistan's exports to Russia increased by 10 percent in June, 2017 as compared to May 2017, which was a positive sign for enhancing the trade ties between the two countries.
Pakistan and Russia have agreed to sign a Free Trade Agreement for increasing bilateral trade and improving long term economic ties, said a senior official of Ministry of commerce here on Thursday.
"Russian President Vladimir Putin during his meeting with then Prime Minister Nawaz Sharif on the sidelines of Shanghai Cooperation Organization (SCO) offered the agreement, which Pakistan accepted," he added.
He said the trade turnover between Russia and Pakistan has slightly increased and both of the countries have huge potential for economic cooperation in future, he said.
He said that Pakistan is exploring Russian markets to boost exports of food products to take advantage of the vacuum created after Moscow banned food imports from European countries.
The official said that Pakistani citrus, rice, potatoes and mangoes are making their way into the Russian market.
He said Pakistan had a huge opportunity to export fresh meat, poultry and vegetables - which includes carrots, cabbage and beet-root - and fruits, including dates, dry fruits, apples and plums into the Russian market.
Both sides were also willing to sign a Preferential Trade Agreement (PTA) before the FTA to send excess to the Russian market and enhancing trade facilities to the exporters.
Publication date: 8/11/2017
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