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The first-ever Pakistan-Russia Trade and Investment Forum took place in Moscow, marking a significant step forward in the trade relationship between the two nations. This event saw a delegation of 60 Pakistani business representatives, led by Federal Minister for Privatisation, Board of Investment, and Communication, Abdul Aleem Khan. Their goal was to explore new business opportunities and foster deeper economic ties with Russia.
The forum was inaugurated by Pakistan’s Ambassador to Russia, Muhammad Khalid Jamali, who was joined by senior Russian officials, including Deputy Minister of Industry and Trade, Alexey Gruzdev, and Evgeny Fidchuk, an advisor to the Minister of Transport. Both sides expressed a strong desire to strengthen economic cooperation, which has gained momentum in recent years.
One of the key outcomes of the forum was the signing of a historic Memorandum of Understanding (MoU) on barter trade between Pakistan and Russia. This agreement, signed by Russia’s LLC “Astarta Agrotrading” and Pakistan’s Meskay & Femtee Trading Company and National Fruit Processing Factory, is set to facilitate the exchange of goods such as chickpeas, rice, mandarins, potatoes, and red lentils. This barter trade agreement marks the beginning of a new chapter in trade cooperation between the two countries, as they look to enhance their economic ties through innovative solutions.
Over 60 Pakistani companies participated in the forum, showcasing a diverse range of products, including textiles, leather goods, sports equipment, pharmaceuticals, food, agricultural products, logistics, and tourism services. These companies collectively represent an export value exceeding $500 million, underscoring Pakistan’s ambition to strengthen its presence in the Russian market.
Russian participation in the forum was equally strong, with over 60 government officials from key ministries, including Industry and Trade, Agriculture, and Economic Development. Representatives from the Russian Export Centre and several Russian banks, including MKB, also attended, reflecting Russia’s commitment to expanding its economic relationship with Pakistan.
This forum highlights a growing trade relationship between Pakistan and Russia, with both nations eager to explore new avenues of cooperation. As they continue to deepen their economic ties, events like this forum are likely to play a crucial role in fostering future collaboration across various sectors.
The successful organization of this forum and the landmark barter trade agreement signal a positive direction for Pakistan-Russia trade relations. With more collaborative efforts in the pipeline, the future of this bilateral relationship looks promising.
