Pak-Belarus JMC for diversification in economic ties

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Pak-Belarus JMC for diversification in economic ties

KARACHI, March 9 (APP): The 4th session of the Pakistan- Belarus
Joint Ministerial Commission on Trade and Economic Cooperation held
here on Thursday that underlined the need for diversifying bilateral
economic cooperation including research and development and transfer
of technology.
Pakistani side was led by Federal Minister for Commerce, Engineer
Khurram Dastgir Khan and the Belarusian team was headed by their
Minister of Industry Vitaly Vovk.
At the end of the busy day, the ministers jointly briefed about
the decisions taken by the JMC.
It emphasized that bilateral relationship must be moved ahead
within a framework of tangible and time bound initiatives.
It recommended for technology transfer, opening of banking channels
to facilitate business and sharing of selected items to be traded on
preferential tariffs.
For implementing the task of increasing the trade turnover
between Belarus and Pakistan to one billion US dollars by the year
2020, both sides decided to identify and endorse the list and the
volume of priority goods and services for mutual trade in accordance
with the interests of the sides.
This issue would be included in the agenda of bilateral political
consultations between the two countries scheduled in May, 2017 in
Minsk.
State Bank of Pakistan would consult with Pakistani banks for
opening of branches in Belarus. The proposals would be shared with
Belarusian side at the end of May 2017.
Similarly, the Belarusian side would also firm up their proposals
and share with Pakistani side.
The two sides noted the need for further development of
inter-banking cooperation and in particular between the Development
Bank of the Republic of Belarus, the National Bank of Pakistan and
Zarai Taraqiati Bank (ZTBL) on export credit and international leasing
to promote development of bilateral trade.
Belarusian side would welcome the Pakistani delegation to the
single country exhibition scheduled in July 2017 at Minsk.
The Belarusian side will assist in selection of the Belarusian
companies interested in setting up joint ventures with Pakistani
companies according to the interests of the Pakistani side with the
provision of transfer of technology.
The two countries agreed to continue negotiations on establishment
of joint ventures in Pakistan for production and processing of
agricultural products, and discussed the mechanism of realization of
the project.
The two teams agreed that on completion of all internal procedures
for the opening of the skills university, the Pakistani side would
invite the Belarusian side to provide methodological assistance in its
functioning.