Pakistan, Russia ink historic trade deal

Barter agreement signed as 60 firms seek business opportunities in Moscow

ISLAMABAD:

The first-ever Pakistan-Russia Trade and Investment Forum was held in Moscow, marking a significant event in the evolving trade relationship between the two nations.

The forum saw the participation of a 60-member Pakistani business delegation, led by Federal Minister for Privatisation, Board of Investment, and Communication, Abdul Aleem Khan.

The delegation aimed to explore new business opportunities and strengthen economic ties with Russia.

The forum was inaugurated by Pakistan's Ambassador to Russia, Muhammad Khalid Jamali, alongside Russian government officials, including Deputy Minister of Industry and Trade, Alexey Gruzdev, and Evgeny Fidchuk, Advisor to the Minister of Transport.

A landmark achievement during the event was the signing of the first-ever MoU on barter trade between the two countries.

Russian company LLC "Astarta Agrotrading" and Pakistani firms Meskay & Femtee Trading Company and National Fruit Processing Factory agreed to exchange goods such as chickpeas, rice, mandarins, potatoes, and red lentils, signalling a new era of trade cooperation.

Over 60 Pakistani companies showcased a diverse range of products, including textiles, leather goods, sports equipment, pharmaceuticals, food, agricultural products, logistics, and tourism services.

These companies represent a combined export value of over $500 million, underscoring Pakistan's push for deeper trade engagement with Russia.

On the Russian side, over 60 government officials from key ministries, including Industry and Trade, Agriculture, and Economic Development, along with representatives from Russian Export Centre, Federal and Moscow Chambers attended the forum. Russian banks, including MKB, were also present.