Trade with Russia: SBP asked to streamline transaction settlement
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
A high-level committee on Russia, headed by Minister for Planning, Development and Special Initiatives Ahsan Iqbal has directed the State Bank of Pakistan (SBP) to hold consultations with banks and leading exporters for creating transaction settlements regarding trade with Russia, well-informed sources in Planning Commission told Business Recorder.
The Committee has held several meetings in this regard but the ‘wish list’ has not yet been finalized, pending discussion during a high-level visit to Moscow. Pakistan’s ambassador to Russia Khalid Jamali was in Islamabad to share his opinion on different agenda items which are under discussion at different forums concerning future ties with Russia.
The sources said, that during the sixth meeting held on August 6, 2024, with the Minister for Planning, Development and Special Initiatives in chair, the Committee was informed that Prime Minister Shehbaz Sharif may convene a review meeting on the preparations for the visit to Russia and emphasized that each Ministry should be prepared to make a presentation on the roadmap for engagements with Russia to the Prime Minister at short notice.
Different modules of trade, and business with Russia under study
After detailed deliberations, the Committee took following decisions: (i) all Ministries/ Divisions to prepare concise presentation for the Prime Minister’s review meeting, duly encapsulating their strategy paper/ roadmap for engagements with Russia at the earliest while ensuring strict compliance with all the decisions of the Committee made to-date; (ii) every ministry will itself make a presentation in the Prime Minister’s review meeting; (iii) State Bank of Pakistan to convene a meeting with all banks and leading exporters to come up with concrete plan to identify innovative, non-sanctioned and creative ways for transaction settlement with Russia such as the Model of BRICS New Development Bank; (iv) Ministry of Railways to carry out feasibility study regarding passenger travel for Pakistan-Iran-Turkiye route and also explore multi gauge options while engaging with engineering universities to come up with innovative solutions; (v) Ministry of Water Resources to consult Power Division for overlapping projects and align the proposals to avoid inconsistencies in road map; and (vi) Ministry of Inter-Provincial Coordination (IPC) to coordinate with provinces and prepare a consolidate presentation for the Prime Minister.
The meeting was attended by the Minister for Water Resources, Dr Musadik Masood Malik; Special Assistant to the Prime Minister, Syed Tariq Fatemi, Prime Minister Coordinator, Rana Ihsan Afzal, Secretaries and senior officials of different concerned Ministries.
Reference Link:- https://www.brecorder.com/news/40318072
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
