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Pakistan and Russia resolve a 40-year-old trade dispute

Pakistan and Russia crossed the important milestone in trade relations and the two countries resolved the 40-year-old trade dispute.

According to sources in the Commerce Ministry, Pakistan has paid US $ 9.5m to Russia, which has paved the way for a $ 8 billion Russian investment in Pakistan.

Russian investment is for the steel and energy sector, sources said.

According to sources, the payment of more than $ 200 million has been initiated to 5 Pakistani companies and payment has been made to one Pakistani company while payment is being made to the remaining companies.

Remember that on December 11, 2019, Russia offered cooperation to restore Pakistan Steel Mills and increase its production capacity.

On December 11, 2019, the Pakistan-Russia Inter-Governmental Commission convened in Islamabad, chaired by Federal Minister for Economic Affairs Hamad Azhar and Russian Minister of Commerce Dennis Valentinovich.

Later addressing a joint press conference with Hamad Azhar, the Russian Minister of Commerce had said that we would support Pakistan to restore steel mills and increase its production capacity.

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