ISLAMABAD:Coordinator to Federal Tax Ombudsman Meher Kashif Younis Tuesday hailed the government decision to import crude oil from Russia in currencies of friendly countries as mutually agreed by the two countries.
it was good omen that Pakistan would pay in the currencies of friendly countries which he added would definitely ease dollars pressure on either sides and help pave way for further strengthening the existing economic cooperation and bilateral relations, he said in a press release.
He said agreements between both the sides would pay dividends in the days to come and appreciated that government wanted to import 35% of its total crude oil requirement from Russia.
He said Pakistan depended on oil from Gulf countries, mainly due to close political and friendly ties, which often extended facilities like deferred payments, and that route was cheaper logistically given proximity to the Strait of Hormuz.
Meher Kashif said earlier recent decision of government was also good one for direct settlement and clearing in RMB between China and Pakistan and would help balance greatly the possible trade fluctuations caused by changes in US dollars.
He said moreover,RMB clearing could be fast track for two countries to further deepen industrial cooperation in financing and purchasing.
He said the trade volume of Belt and Road countries had reached 11.6 trillion Yuan last year.If RMB clearing and settlement was fully encouraged,trade efficiency in countries along the Belt and Road would improve,he observed.
He said since 2006, annual trade between Pakistan and China had averaged $17.61 billion, adding that Bank of China and State Bank of Pakistan accord would support cross border transactions.