A new chapter in the history of trade relations was opened between Russia and Pakistan with the advent of the first-ever Pakistan-Russia Trade Investment Forum conducted in Moscow.
A 60-member trade delegation attended the forum to explore new business opportunities and strengthen economic ties with Russia.
This delegation represented a diverse portfolio including textiles, leather goods, sports equipment, pharmaceuticals, food, agricultural products, logistics, and tourism services.
The Russians also sent over 60 government officials from key ministries, including Industry and Trade, Agriculture, and Economic Development, along with representatives from the Russian Export Centre, Federal and Moscow Chambers. Russian banks, including MKB, were also present.
At the forum, a barter trade deal was signed with the two sides agreeing to exchange goods such as chickpeas, rice, mandarins, potatoes, and red lentils.
The barter deal comes at a critical time, with Pakistan looking to establish coherent food security in the wake of shortages and natural disasters.
With war raging in the Middle East and logistics lines in the Red and Arabian Seas coming increasingly under threat of spiralling violence, Pakistan has been looking to diversify its markets, particularly for agricultural goods and energy supplies.
The development comes after Pakistan stood accused of supplying arms and ammunition to Ukraine in exchange for wheat last year.
Amidst the raging Ukraine War, the clinching of the deal comes on the heels of India also deciding to expand its economic relationship with Russia, particularly in the agriculture and energy sectors.
The deal between Russia and Pakistan also paves the way for greater cooperation between the two in the defence sector, at a time when Pakistan is procuring Russian-made jet engines for its JF17 Thunder aircraft, and is seeking to modernize its avionics industry with more powerful jets and subsystems.
Previously, Russia also came out in support of Pakistan's bid to join BRICS, so all signs pount towards a deepening of Pak Russian relations.
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