ISLAMABAD: In a major development, Pakistan and Russia entered into a formal barter trade agreement by signing an MoU on Tuesday in Moscow.
Russian company LLC “Astarta Agrotrading” and Pakistani firms Meskay & Femtee Trading Company and National Fruit Processing Factory entered into agreements for exchange of goods, including chickpeas, rice, mandarins, potatoes and red lentils.
The development took place in the first-ever Pakistan-Russia Trade and Investment Forum held in Moscow, becoming a landmark event in bilateral trade relations between Pakistan and Russia.
Led by Federal Minister for Privatisation Abdul Aleem Khan, a delegation of 60 Pakistani companies participated in the forum, seeking to strengthen economic ties and explore new business opportunities.
The forum was inaugurated by Ambassador of Pakistan to Russia, Muhammad Khalid Jamali, and high-level officials from the Russian government, such as Deputy Minister of Industry and Advisor to Minister of Transport of the Russian Federation.
Over 60 Pakistani companies, showcasing a diverse range of Pakistani products and services, including textiles, leather, sports goods, pharmaceuticals, food, agricultural products, logistics and tourism, with a combined export value of over $500 million, participated in the event.
On the Russian side, more than 60 officials from various government departments, including Ministry of Industry and Trade, Ministry of Agriculture, Ministry of Economic Development and FSVPS (NPPO), along with representatives from Russian Export Centre, Federal Chamber, Moscow Chamber, regional chambers and leading associations, attended the forum. Russian banks such as MKB were present to explore potential collaborations.
The main challenge for Pakistani businessmen remains how to execute trade deals through banking channels amid SWIFT sanctions on some Russian companies. India, the UAE and China are already engaged in trade with Russia in a big way despite the curbs.