ISLAMABAD: The Ural Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have signed a memorandum of understanding (MoU), creating further economic and trade cooperation opportunities between the two countries.

The Ural Chamber of Commerce and Industry was represented by its vice president Mikhail Kozlov and the FPCCI was represented by Mohsin Sheikh, director and former chairman of the Pakistan-Russia Business Council.

Minister for Economic Affairs Omar Ayub Khan witnessed the MoU signing, a statement issued here said.

Ambassador of Pakistan to Russia Shafqat Ali Khan, Minister of Trade and Investment of the Embassy of Pakistan Nasir Hamid, and other Pakistani officials and officials of the Russian Ministry of Economic Development Israfil R Ali Khan and Nikita Buzanov were also present on the occasion.

The agreement has marked a new step in the bilateral relations between the Ural region and Pakistan.

Earlier, Mikhail Kozlov and Mohsin Sheikh accompanied by representatives of the Crescent Group and The Colony Group held a meeting at the Ural CCI to discuss new opportunities for trade cooperation and new niches for Pakistani companies that seek to enter the Russian market.

The two countries have significantly strengthened their political and economic relations over the last years despite the pandemic.

The current intergovernmental negotiations on building the new trade corridor through Pakistan-Central Asia-Russia is a clear sign of the new page in the strategic partnership between Russia and Pakistan.

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