ISLAMABAD: The National Logistics Company (NLC) has marked a significant achievement by effectively transporting the initial export cargo to Kyrgyzstan through China using the Transport International Aux Rotaire (TIR) system.
This success signifies more than just a delivery; it inaugurates a new trade pathway connecting not only Central Asian nations but also fostering ties with Russia and Eastern Europe.
The activation of TIR in conjunction with the China-Pakistan Economic Corridor (CPEC) promises a more secure and consistent trade channel between the two countries, fostering economic resilience within Pakistan.
By leveraging this initiative, approximately 1000 trucks per day contribute to saving $2.5 million in trade costs.
The triumph of this alternative route sets the stage for expanding Pakistan’s global trade engagements, positioning the nation as a pivotal regional and global trade nucleus, fostering active participation and membership in the international trade community.
Russia shifts its oil exports from Europe to China and India
Meanwhile,
Russia has shifted its oil exports away from Europe towards China and India, according to Deputy Prime Minister Alexander Novak.
This redirection comes nearly two years after Western sanctions were imposed on Russia due to the conflict in Ukraine.
Novak mentioned that Russia previously supplied 40-45% of oil and oil products to Europe, but this year, they anticipate this figure to be only 4-5% of total exports.
With the loss of a significant market share in Europe, Russia turned to other major buyers like China. Novak highlighted that China’s share of oil exports has surged to 45-50%, while India, previously a minor recipient, now accounts for about 40% of Russian oil supplies.
Reports suggest that India has capitalized on discounted Russian crude, refining it before selling it to European customers. Despite being legal, critics argue that these transactions create a workaround for Russian oil, weakening the impact of sanctions.
Apart from oil, Russia had to seek new markets for its natural gas exports due to reduced exports to EU nations, which sought alternative suppliers.
