Pakistan initiates maritime cargo services with Russia
Business
The freight will be higher at the start of the service but is expected to decrease with the time
KARACHI (Dunya News) - For the first time in the country's history, direct cargo service has started with Russia through sea routes and will directly arrive at Karachi Port on May 25th.
Sources say that the first Russian cargo ship will directly arrive at Karachi Port from Russia's port of Saint Petersburg on 25th May.
With the commencement of direct maritime service, cargo from Russia will reach Pakistan's port within just 18 days, whereas it used to take a month for ships coming from Russia previously. The second ship will arrive at Pakistan's Karachi Port on 29th May.
Pakistan exports goods worth $150 million to Russia, while imports are at $300 million. Potential trade between Pakistan and Russia can increase up to $2.50 billion. Pakistan can expand trade with Russia in maritime supplies and other sectors as well. Also, Pakistan can benefit from the transit trade point service as well.
Initially, only one ship will arrive from Russia, whereas it would be followed by three ships monthly. With the growth of trade with Russia, Pakistan will also attract more trading companies. Through maritime trade with Russia, cargo is on its way for the neighbouring countries in the region, including India, China, and African nations.
It is being said that there will be an increase in transit point utilisation for other countries, including China. However, the freight will be higher at the start of the service but as trade will grows, rates are expected to decrease.
The Russian trade can also be done in currencies other than dollar which would be the biggest relief for dollar-strapped Pakistan.
