ISLAMABAD: Early resolution of old financial disputes among traders of Pakistan and Russia will pave the way for closer economic relations between the two countries.

Board of Investment (BoI) Chairman Dr Miftah Ismail on Monday told the committee, set up by the prime minister, that the parties to the dispute had expressed their readiness for an early settlement.

He informed the committee that he had already held negotiations with the Pakistani businessmen who were party to the litigation in the courts. He further informed the committee that the proposal would now be forwarded to the Russian side.

Later, Dr Miftah told Dawn that the disputes dated back to the Soviet Union era were related to shipping rights involving payment of $70 to $80 million .

Finance Minister Ishaq Dar, who chaired the meeting, expressed his desire for expeditious removal of the impasse. He said that the political leadership of both the countries had expressed its resolve to overcome the issues and take forward mutual trade relations.

He said that Russian business is interested for investment in railways, oil and gas exploration and steel manufacturing industry.

“We need to move on fast track for resolution of this outstanding financial dispute enabling Russian investors to bring in their capital to Pakistan and explore the areas in which they can help,” Dar emphasised.

Published in Dawn, July 8th , 2014