DM Monitoring
MOSCOW: Pakistan and Russia on Thursday signed a memorandum of understanding (MoU) between the customs departments of both countries on exchanging statistical data on mutual trade.
According to a statement issued by the Embassy of Pakistan in Russia, the Pakistan Customs and the Federal Customs Service (Russian Federation) inked the MoU on the sidelines of the Saint Petersburg International Economic Forum.
The memorandum was signed by Pakistan’s Ambassador to Russian Federation Shafqat Ali Khan while Secretary of Commerce Muhammad Saleh Farooqi witnessed the ceremony.
In order to implement this memorandum, both parties will cooperate in the sphere of exchange of information on the methodology used for the maintenance of foreign trade statistics, its significant changes, as well as the exchange of statistical data on mutual trade, except data, not subject to disclo-sure or constituting a state or commercial secret.
The purpose of the exchange of information on the methodology used for the maintenance of foreign trade statistics, as well as the exchange of statistical data defined in this memorandum, will be to pro-vide both sides with the necessary information on mutual trade.
The development comes days after first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi.
“Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” Prime Minister Shehbaz Sharif had tweeted while announcing the arrival of most-awaited tranche.
“This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation,” he had added.
Energy imports make up the majority of Pakistan’s external payments. The country’s imports of crude are expected to reach 100,000 barrels per day after the first cargo arrives on Monday.
