For the first time in Pakistan's history, the first Russian cargo ship will directly arrive at Karachi Port from the port of Saint Petersburg on May 25th.
With the commencement of direct maritime service, cargo from Russia will reach Pakistan's port within just 18 days. It used to take a month for ships coming from Russia previously. The second ship will arrive at Pakistan's Karachi Port on May 29th.
Before the opening up of the service, Pakistani products were being exported to the Russian market via transshipment, which caused delays and enhanced freight costs.
The new shipping service is the outcome of an agreement between Pak Shaheen Pvt Ltd and Russian express liner service Neco Line.
Initially, one ship will arrive from Russia, followed by three ships a month. With the growth of trade with Russia, Pakistan will also attract more trading companies.
Pakistan’s exports to Russia in 2020 were worth $145 million with the major export items including edible fruits, textile products, cotton leather products, made-up textile articles, non-knitted textile products, optical instruments, man-made staple fibers, toys, and cutlery.
The trade index indicates that Pakistan is better suited to supply to the Russian market. This shows that the Pakistani export industry stands to gain more from a potential FTA between the two countries.
Pakistan exports goods worth $150 million to Russia, while imports are at $300 million. Potential trade between Pakistan and Russia can increase up to $2.50 billion.
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