Trade between Pakistan and the Russian Federation has improved since the launch of direct shipping service between the two countries in May this year. The first container ship from Russia berthed at the Karachi Port, opening a new sea route for direct shipping service between the two countries. This new route has enabled the immediate access of Pakistani products to the Russian market, with payments made through the local banking channel in Chinese yuan.
The new shipping service is the outcome of an agreement between Pak Shaheen (Private) Limited and Russian express liner service Neco Line. “Under the agreement, the first ship named MV Crystal sailed from St. Petersburg, Russia and berthed at the Karachi Port on May 25,” said Pak Shaheen Limited CEO Abdullah. He said some issues needed to be sorted out to realize the full benefit of this direct shipping service; however, bilateral trade had seen some improvement since the start of this service.
Pakistan’s exports to Russia are worth $145 million with the major export items being edible fruits, knitted textile products, cotton, leather products and much more.
Source: nation.com.pk