MOSCOW: Pakistan and Russia have signed a first-ever deal on barter trade between the two nations, the Pakistani embassy in Moscow on Tuesday said.
A delegation of over 60 Pakistani companies took part in an inaugural Pakistan-Russia Trade and Investment Forum in Moscow.
Pakistan’s Ambassador to Russia Muhammad Khalid Jamali inaugurated the forum along with high-level Russian officials, including Deputy Minister of Industry and Trade Alexey Gruzdev and Evgeny Fidchuk, an adviser to the Russian transport minister.
The Pakistani delegation, led by Privatization Minister Abdul Aleem Khan, participated in the forum with the aim to strengthen economic relations and explore new business opportunities in Russia. According to the Pakistani embassy in Moscow, over 100 Russian companies are taking part in the forum.
The Pakistani mission said more than 60 Pakistani companies, having a combined export value of $500 million, showed a diverse range of Pakistani products and services, leather, including textiles, sports goods, food, agricultural products, pharmaceuticals, logistics, and tourism, at the event.
More than 60 officials from Russia’s Industry and Trade, Agriculture, Economic Development and other ministries as well as representatives from the Russian Export Center, Moscow Chamber, Federal Chamber, regional chambers and leading associations attended the forum. Russian banks such as MKB were also present to explore potential collaborations.
Pakistani Privatization Minister Khan addressing the forum, said the current trade volume between the two countries did not reflect their potential.
The minister in televised comments said their desire is to enhance trade and investment, adding that Pakistan constituted the 5th largest market in the world. He added there is a huge potential for an increase in trade between the two countries.
Russian Deputy Trade and Investment Minister Gruzdev welcomed the Pakistani delegates and stated this interaction would have a positive impact on bilateral relations between the two nations. He added the forum will open new avenues of trade and investment.
Pakistan’s Ambassador in his inaugural address, said the forum would increase trade opportunities between Pakistan and Russia. He added trade will benefit both countries and Pakistan has already developed a mechanism for road transport with Russia in 2022.
Last month, Russia’s Deputy Prime Minister Alexei Overchuk paid a brief visit to Islamabad, seeking to expand trade and investment ties with Pakistan.
