News Column

Dar for early resolution of Pak-Russia financial dispute to tap trade potential

July 11, 2014

Federal Minister for Finance Senator Mohammad Ishaq Dar Thursday urged for early resolution of outstanding financial disputes between Russian government and Pakistan businessmen to help bring capital and investment into Pakistan.

"There is lot of potential in trade between the two countries but unfortunately due to this impasse we could not benefit to our true potential," Dar said while chairing the meeting of the committee

formed by the Prime Minister to resolve the longstanding trade issues between Pakistan and Russia.

He said that the solution will be win-win situation for both the Russian government and Pakistani businessmen and emphasized that any arrangement agreed by both the parties should be implemented with full commitment to wind up of litigations and restore normal trade relations.

Earlier, Chairman Board of Investment, Miftah Ismail informed the Committee that the Pakistani businessmen, who are party to the litigation in the courts with the Russian government, have agreed

to dispute resolution and the proposals in this regard will be communicated to the Russian side for moving forward.

He informed that negotiations with the Pakistani businessmen are in a clear shape to be forwarded to the Russian side.

On the occasion, Minister for Commerce, Khurram Dastagir Khan said that the dispute is an impediment to enhancing cooperation between the two sides in energy and infrastructure development sectors.

He said that his ministry was facilitating the business community and willing to work for their interests.

Yaqoob Tabani of M/s Tabani Corporation and Rauf Alam of M/w Fateh Group of Industries Ltd, who are party to the dispute, expressed their confidence in the government efforts.

They said that credit goes to the Finance Minister and other Committee members that efforts are being made to resolve an issue which has hindered the trade relations of the two countries for the last 17 years.

Among others, Dr. Waqar Masood, Finance Secretary, Shahzad Arbab, Commerce Secretary, Rana Assad Amin, Advisor to Finance Ministry and senior officials of the Ministry of Finance also attended the meeting.

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Source: Frontier Star (Pakistan)

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