Karim Madad

Economic experts have hailed the recent declaration of Pakistan and Russia to initiate shipping cargo service, and hoped that it would boost trade and investment in Pakistan. Talking to WealthPK, renowned economist Dr Ashfaque Hassan Khan said the cargo service would help propel exports and the volume of trade between the two countries. He added that this declaration would also decrease the transportation time from 30 to 18 days, benefiting both countries.

Meher Kashif Younis, Coordinator to Federal Tax Ombudsman (FTO) and Vice President Gold Ring Economic Forum, a strategic think tank, told WealthPK that the initiation of cargo service between Pakistan and Russia will boost bilateral trade by providing a more efficient and reliable means of transporting goods. “It can facilitate the exchange of various commodities, such as textiles, machinery, agricultural products, and raw materials, between the two countries,” he said.

The FTO coordinator said improved cargo service will lead to increased export opportunities for Pakistani businesses, allowing them to access the Russian markets more easily. He said Russian companies can benefit from enhanced trade links with Pakistan, potentially leading to new business ventures and investment. He said the cargo service can help diversify trade routes for both countries. He said the availability of direct cargo service can provide an alternative and faster transportation option, reducing reliance on traditional routes and potentially lowering transportation costs.

Meher, also Chairman of Kyrgyzstan Trade House, said enhancing cargo service can contribute to broader regional connectivity initiatives and strengthen economic ties between the two countries and other Central Asian nations. He believed that improved connectivity would help facilitate regional trade integration, promote economic cooperation, foster geopolitical relationships in the region, and facilitate cultural exchanges and people-to-people interactions.

“It can enable the exchange of goods, cultural artifacts, and educational materials, promoting mutual understanding and fostering closer ties between the two nations,” he added. Meher said the actual impact of the initiation of cargo service will depend on various factors, including the volume of trade, frequency and reliability of the service, infrastructure development, customs procedures, and overall business environment.

Credit: Independent News Pakistan-WealthPk