Pakistan signs first ever trade deal with Russia
- In Reports
- 03:32 PM, Oct 03, 2024
- Myind Staff
A significant development in the expanding trade relations between Pakistan and Russia was marked by the inaugural Trade and Investment Forum between the two countries, which was held in Moscow. A 60-member Pakistani business delegation, led by Federal Minister Abdul Aleem Khan, attended the forum to explore new business opportunities and strengthen economic relations with Russia.
The forum was inaugurated by Russian government representatives, such as Evgeny Fidchuk, advisor to the minister of transportation, and Alexey Gruzdev, deputy minister of industry and trade, as well as Pakistan's ambassador to Russia, Muhammad Khalid Jamali. Signing the first-ever Memorandum of Understanding on barter trade between the two nations was a historic accomplishment during the event.
A new era of trade cooperation was marked by an agreement to exchange goods such as chickpeas, rice, mandarins, potatoes, and red lentils between the Pakistani companies Meskay & Femtee Trading Company and National Fruit Processing Factory and the Russian company LLC "Astarta Agrotrading".
A wide variety of products, including textiles, leather goods, sports equipment, food, pharmaceuticals, agricultural products, logistics, and tourism services, were on display from more than 60 Pakistani companies. With a combined export value of more than $500 million, these businesses highlight Pakistan's efforts to engage in more extensive trade with Russia, according to a report published by The Express Tribune.
In addition to representatives from the Russian Export Centre, Federal Chamber, and Moscow Chambers, more than sixty government officials from key ministries in Russia attended the forum, including those from Industry and Trade, Agriculture, and Economic Development. They were joined by Russian banks, such as MKB.
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