In a groundbreaking development, Pakistan Barter Trade with Russia has officially entered into a agreement, marking a historic moment in their diplomatic and economic relationship. This significant deal was signed in Moscow, during the inaugural Pakistan-Russia Trade and Investment Forum, which is currently underway.
According to a post shared by the Pakistan Embassy in Russia, the memorandum of understanding (MoU) for Pakistan Barter Trade with Russia was formalized between LLC “Astarta Agrotrading” and two prominent Pakistani entities: Pak Meskay and Femtee Trading Company, alongside the National Fruit Processing Factory. This collaboration signifies a notable step toward diversifying trade avenues between the two nations.
Minister for Privatisation Abdul Aleem Khan, while addressing attendees, expressed his confidence that this Pakistan Barter Trade with Russia initiative marks the dawn of a new era in bilateral relations. He elaborated on the longstanding diplomatic and commercial ties between the two countries, asserting that Pakistan attaches great importance to its relationship with Russia. Khan emphasized the extensive opportunities for joint ventures across various sectors, underlining the potential for mutual economic growth.
Highlighting Pakistan’s business landscape, the minister pointed out that the country offers an attractive business environment characterized by its status as the fifth largest market globally. He reiterated that Pakistan boasts one of the most liberal trade and investment regimes in the region, providing a welcoming atmosphere for foreign investors. “All our economic sectors are open for investment,” he declared, showcasing the country’s commitment to fostering economic collaboration.
In a further endorsement of this burgeoning partnership, Pakistan’s Ambassador to Russia, Muhammad Khalid Jamali, conveyed his satisfaction regarding the recent developments in bilateral trade. He revealed that the trade volume between Pakistan and Russia has surpassed the one billion dollar mark, reflecting a growing interest from both countries to enhance their economic and trade relations. The ambassador reiterated that Pakistan views Russia as an important and reliable trade partner and expressed eagerness to strengthen these economic ties further.
As the Pakistan Barter Trade with Russia deal unfolds, it is poised to create new opportunities for trade, investment, and collaboration between these two nations, paving the way for a prosperous future.
Russia Backs Pakistan’s BRICS Bid
In a significant boost for Pakistan’s BRICS membership, Russian Deputy Prime Minister Alexei Overchuk announced Moscow’s full support for the bid during a joint press conference with Pakistan’s Foreign Minister Ishaq Dar in Islamabad. Dar emphasized the importance of enhancing economic relations, noting that bilateral trade reached $1 billion last year and highlighting the need to address logistical challenges to strengthen ties.
The foreign minister also expressed Pakistan’s eagerness for energy cooperation and critical connectivity projects, which would benefit both nations. Alexei Overchuk elaborated on collaboration prospects with the Eurasian Economic Union, discussing plans for a free trade agreement among its members.
Additionally, both countries agreed to enhance dialogue in various sectors, including trade, energy, and education. This commitment aligns with the strategic goals of Prime Minister Shehbaz Sharif and President Vladimir Putin to foster a robust economic partnership and underscore Pakistan’s interest in securing BRICS membership.
Also Read: Pakistan-Russia MoU Signed to Transform Agriculture
