Russia-Pakistan trade on rise after TIR convention

ISLAMABAD: The trade between Russia and Pakistan is on the rise after Transport International Routes (TIR), ARY News reported.

According to the spokesperson of the Russian embassy in Pakistan, the first truck carrying goods has reached Pakistan under Transport International Routes (TIR).

Whereas the trade between Russia and Pakistan has raised by 50 percent till May 2023, the trade volume has reached to $760 million.

Furthermore, the spokesperson of the Russian embassy said that these measures are steps to strengthening the trade relationship between the two countries.

Earlier, in a historic development, the first ship carrying Russian oil arrived at Karachi port. The ship brought 45,142 metric tons of crude oil to Pakistan. The ship which arrived before the cyclone was anchored at berth OP2.

Minister of State for Petroleum Musadik Malik said the first shipment of 100,000 tons of crude oil from Russia was poised to anchor at Oman Port by the month’s end, from where it would be gradually brought to Pakistani ports by small ships.

Experts said that the launch of shipping services will reshape trade relations between both countries, with immense business opportunities and the potential to extend bilateral trade up to US$20 billion.

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.