ISLAMABAD: Pakistan and Ukraine signed an Agreement on Establishment of Joint Commission on Economic Cooperation at a ceremony held at the Ukrainian Ministry of Economic Development and Trade in Kyiv, on Thursday.

The Agreement was signed by Ambassador Ahmad Nawaz Saleem Mela on behalf of the Government of Pakistan and Deputy Minister of Economic Development and Trade of Ukraine, Volodymyr Bandurov, says a press release received here today from Ukraine.

Signing of the Agreement on Establishment of Joint Pakistani-Ukrainian Commission on Economic Cooperation is an important milestone in the relations between the two countries.

It will promote mutual cooperation in diverse sectors including trade, commerce, investment, science & technology, food & agriculture and livestock etc.

The Agreement also provides basis for exchange of information concerning economic matters and will provide framework conditions to facilitate the deepening of bilateral engagement with Ukraine.

Recent years have witnessed encouraging developments contributing to enhanced Pak-Ukraine collaboration particularly on the economic side. These developments include finalization and entry into force of Agreement on Avoidance of Double Taxation (June 2011) and Trade and Economic Cooperation Agreement (April 2012).

High profile business delegations were exchanged between Pakistan and Ukraine (from Pakistan side in December 2011 and from Ukrainian side in May 2012) for the first time since this important East European country became independent in 1991.

Moreover, Pakistan Ukraine Business Councils were established in the chambers of commerce and industry of both countries.

The Agreement on Establishment of Joint Economic Commission with Ukraine will further foster closer cooperation and will open up new opportunities for enhancing trade, economic and investment collaboration with Ukraine.