MOSCOW - Pakistan and Russia may devise out a land route for future trade which will be cheaper source of transportation and help selling products at competitive prices. This was stated by Syed Mazhar Ali Nasir, senior vice president of FPCCI, while speaking at the Institute of Oriental Studies Moscow, Russia.

The FPCCI delegation is on a visit to Russia to meet the counterparts in Moscow and to participate in the SCO Business Forum scheduled at St. Petersburg. He further said that with the advent of WTO regime the global economic scenario has changed. The motives have been shifted from political to economic need and the nations, which once had irritants on political grounds, are emerging as close friends at economic fronts, he added.

While addressing an event, he said that economic relations between Pakistan and the Soviet Union established in the early 1950s witnessed aggressive progress when the Soviet Union agreed to import cotton, jute and leather.

Both the countries established an oil consortium in 1958, and the Soviets expressed readiness to establish Pakistan’s first Steel Mills in 1961.

He further stated that the governments of Pakistan and Russian Federation have intensified their interaction. Now it is time of private sector to capitalize these efforts.

Both members of FPCCI and Federation of Russian Chambers of Commerce and Industry may try their utmost to expand bilateral trade relations up to the optimum level. He also said that both the countries should remove existing irritants in the bilateral trade and private sectors should make serious efforts to avail the opportunities at the optimal level. Pakistani Ambassador Qazi Khalilullah also attended the event.