The Islamabad Chamber of Commerce and Industry (ICCI) has signed an agreement with the Moscow Chamber of Commerce and Industry (MCCI) to promote business between the two countries, reports ILM.

With the aim of enhancing bilateral trade, the two countries have agreed to work towards promoting business relations, including exports from Pakistan of products including leather, clothing and sporting goods.

ICCI President Ahsan Zafar Bakhtawari said at the signing ceremony that the two countries had great potential to enhance bilateral trade, which could increase to at least US$5 billion within the next few years.

He added his hopes that Pakistan and Russia should sign a free trade agreement, saying that Russian investors could invest in energy, oil and gas, infrastructure development, railways and other sectors in Pakistan.

Following this agreement, plans are already in place for Russia and Pakistan to sign an agreement for low-cost oil exports to the latter country in March 2023. Meanwhile, plans are emerging for a banking connection between the two countries, which would include a currency swap.