Thursday Jun 22 2017

Pakistan, Russia to sign Free Trade Agreement

Pakistan has accepted the Russian Federation’s proposal to enter into bilateral Free Trade Agreement (FTA), high-level sources informed Geo News.

According to sources privy to development, Russian President Vladimir Putin during his meeting with Prime Minister Nawaz Sharif on the sidelines of Shanghai Cooperation Organisation (SCO) at Astana gave the offer - which Pakistan accepted.

In the meeting, it was also decided to setup a top-level committee of Russian and Pakistan officials on the FTA. 

Meanwhile, Pakistan's finance ministry and other concerned ministries are given the mandate to give their recommendations and proposals on the FTA to PM Nawaz.

Moreover, Russia has also unconditionally expressed support for Pakistan’s inclusion in Eurasian Economic Union – the FTA will increase Pakistan`s trade volume, exports and foreign reserves as it will Pakistan access to Russian markets.

Sources have informed that leaders of both the countries will soon meet to formally signed the trade agreement.

Pakistan has FTA agreement with China, Sri Lanka and Malaysia.