KARACHI: A direct shipping service being launched between Pakistan and Russia first time signaling a shift in bilateral trade between the two countries, ARY News reported on Thursday.
An inaugural ceremony of direct containerized shipping service between Karachi and Saint Petersburg ports held at a hotel here attended by Minister of State for Petroleum Dr Musadik Malik and Russian officials.
Addressing the gathering Federal Energy Minister Khurram Dastagir said that bilateral trade relations improving between Pakistan and Russia with tangible increase in trade.
“Russian economy has been five times bigger than Pakistan by the GDP. We are seeking a comprehensive free trade agreement,” minister said. “We are slashing tariffs and promoting investments,” Khurram Dastagir said.
He said there are immense business opportunities with a potential to extend bilateral trade up to USD$20 billion.
Experts said that the launch of shipping service will reshape trade relations between both countries, with immense business opportunities and the potential to extend bilateral trade up to US$20 billion.
The direct cargo service will drastically reduce shipping time from a month to 18 days. The first vessel will arrive at Karachi today, while second direct ship is expected to arrive at the port by May 29.
Currently, Pakistan’s exports to Russia stand at USD$150 million, while imports hover around USD$300 million. However, the implementation of this direct shipping service is anticipated to boost Pakistani exports to Russia by USD$2.5 billion in the coming years.
