MoU inked with Moscow on exchange of trade data

SAINT PETERSBURG: Pakistan and the Russian Federation on Thursday signed a memorandum of understanding (MoU) for cooperation between Pakistan Customs and Russia’s Federal Customs Service on exchange of statistical data on mutual trade.

Pakistan’s Ambassador to Russian Federation Shafqat Ali Khan singed the MoU on behalf of Pakistan Customs while Secretary Commerce Muhammad Saleh Farooqi witnessed the signing ceremony held on the sidelines of Saint Petersburg International Economic Forum, a press release issued by the Ministry of Commerce said.

In order to implement this memorandum, the two parties will cooperate in the sphere of exchange of information on the methodology used for the maintenance of foreign trade statistics, its significant changes as well as the exchange of statistical data on mutual trade, except the data, not subject to disclosure or constituting a state or commercial secret.

he purposes of the exchange of information on the methodology used for the maintenance of foreign trade statistics, as well as the exchange of statistical data defined in this memorandum, will be to provide both parties with the necessary information on mutual trade.

According to the MoU, the statistical data will be exchanged every quarter and the Parties will provide each other with the statistical data for the corresponding quarter no later than 70 days after the end of the relevant period;

Annual data will be provided separately by the parties no later than 120 days after the end of the reporting year.