Cabinet clears way for importing oil, LNG from Russia

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The Federal Cabinet has given go-ahead for inking an agreement with Russia for importing oil, LNG and other goods. The members of the Federal Cabinet gave their assent to the agreement through a circulation summary.

The sources said that permission has been granted for accord on Customs affairs with Russia, clearing the way for signing the protocol for commercial traffic between the two countries.

Earlier in the day, the 8th meeting of the Pakistani-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation started in Islamabad. This three-day session aimed at reviewing the existing areas of cooperation and finding new opportunities for further deepening the bilateral relations between the

two countries.

The Russian delegation, comprising around 80 members, is participating in the meeting, ac cording to a press statement issued by the Economic Affairs Division.

Speaking at the opening session, Secretary Ministry of Economic Affairs, Dr Kazim Niaz said that huge potential existed there to benefit from comparative advantage between Pakistan and Russia. He said Pakistan got a big hit due to devastating floods and appreciated the support extended by international community during such times of crisis.

The secretary also shared sentiments of gratitude to Russian government for their continuous support during this whole time. He said enhancing economic trade and investment relations was prime priority of Pakistan.

Speaking on the occasion, Deputy Director of the Department of Ministry of Economic Development of Russian Federation, Israfil Ali-Zade said Russia valued its relations with Pakistan. He said in all sectors of economy, there was a good level of cooperation and Russia aimed to enhance it further. He said there was a great potential between both economies that needed to be explored more.