Pakistan and Russia have signed a bilateral trade agreement aimed at facilitating and reducing costs of trade between the two countries. The deal was signed during a three-day economic conference for Muslim countries that concluded on Friday in Kazan, Russia. The conference brought together participants from 85 countries, fostering a platform for the exchange of business ideas. A protocol relating to customs cooperation between Pakistan’s Ministry of Commerce and the Federal Customs Services of the Russian Federation was signed. This protocol serves as a vital legal framework for the development of commercial relations between the two nations. In addition to facilitating the smooth movement of goods between Pakistan and Russia, the protocol also offers a substantial customs duty discount for Pakistani products upon entering the Russian market. According to the Pakistani commerce ministry, the signing of the protocol marks another crucial step in establishing the necessary legal framework for development of commercial relations between Pakistan and Russia, reports Dawn.
December 3, 2023
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