Pakistan-Russia Direct Shipping Service to Commence This Month:
The direct shipping service, which would link Pakistan and Russia and give Pakistani goods better access to the Russian market, will start operating later this month.
According to Abdullah Farrukh, CEO of Pak Shaheen (Pvt) Limited and Convener of Shipping Affairs at the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), the first ship would arrive in Karachi Port on May 25, 2023, according to a national daily.
Regarding payment, Farrukh said that banks from both China and Pakistan would be involved and that shipments would be settled in Yuan, the Chinese currency.
He remarked:
“It is a significant step in the current economic situation of the country and will support Pakistani exporters, who were otherwise, sending their products through transshipment.”
Report
The analysis emphasised how time-consuming and advantageous the transshipment of Pakistani goods to the Russian market is for the other transiting nations.
With the opening of a direct channel, shipments of Pakistani fruits that previously took more than 50 days to get on the Russian market can now do so in just 24 days.
The survey also highlighted the considerable export potential that the Russian market offers for Pakistani goods.
During a recent trip to Russia, the author witnessed a substantial demand for Pakistani goods that other nations were shipping.
According to the author, establishing direct shipment will increase Pakistani items’ competitiveness in the Russian market.
According to reports, bilateral commerce between Russia and Pakistan has constantly benefited both countries.
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Trade between the two nations increased to a new high of $757.6 million in 2020. Notably, in the same year, 40.1% of Pakistan’s exports to Russia were textiles and textile-related products.
According to recent data, Pakistan is in a good position to meet the demands of the Russian market.
This indicates that Pakistan’s export industry would benefit more from a comprehensive trade agreement between the two countries than Russia’s.
