The Trade Development Authority of Pakistan (TDAP) asked local exporters to increase exports of agriculture products to Russia. As Russia extended ban on the import of agricultural products from the countries that applied economic sanctions against Russia, including the United States and Europe, there is now a vacuum that, according to the TDAP, needs to be filled: “As Pakistani citrus fruits have already received good response in Russian market, efforts can be made to promote awareness about other food products.”
The exposure of the products can be maximised by taking part in Russian international trade shows, which can further build ways for business connectivity.
Russia experiences a trade deficit with Pakistan. This trade deficit was at its maximum in 2015 when Pakistan imported commodities worth $96 million from Russia and exported goods of $298 million during the same year. After 2015, trade deficit considerably reduced and fell to $19 million in 2017, and according to the Federal Customs Service of Russia, the improvement was observed in 2017 and 2018.
A preferential trade agreement between Pakistan and Eurasian Economic Union is already in discussion, which could boost the trade relations between Pakistan and Russia and also pave way for Pakistan to enter other markets including Kazakhstan and Belarus.
As the coal import for Russia has increased and citrus fruits from Pakistan are finding their way to the Russian market, the trade volume between the two countries is expected to increase further in the coming years.
The TDAP told thenews.com.pk that e-commerce and international advertising agencies can be used to enhance the presence of Pakistani products in Russian markets with 105 million users.