PM Shehbaz Sharif Advocates for Enhanced Pak-Russia Barter Trade to Boost Economic Ties

Prime Minister Shehbaz Sharif, on Wednesday, underscored the necessity of resolving financial and banking issues to amplify barter trade with Russia, which currently stands at around $1 billion. His remarks came during a meeting with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Heads of State meeting.

Key Discussion Points:

1. Historic Trade Relations:
   • PM Shehbaz recalled the robust barter trade between Pakistan and Russia during the ’50s to ’70s, where Pakistan imported machinery and exported leather and other commodities.
   • He emphasized the importance of expanding bilateral cooperation in trade, energy, defense, and security.
2. Strengthening Bilateral Ties:
   • The Prime Minister reaffirmed Pakistan’s commitment to strengthening multi-dimensional cooperation with Russia.
   • He expressed satisfaction with the positive trajectory of Pak-Russia relations, characterized by mutual trust and understanding.
3. Economic Cooperation:
   • PM Shehbaz highlighted the necessity of addressing banking issues to facilitate and boost barter trade.
   • He thanked Russia for its recent oil shipment to Pakistan and expressed a desire for further energy cooperation.
4. Future Engagements:
   • Both leaders agreed to convene the next meeting of the Pakistan-Russia Intergovernmental Cooperation Committee in Moscow soon.
   • PM Shehbaz invited President Putin to visit Pakistan officially.
5. Regional Connectivity:
   • During a separate meeting with Tajikistan’s Prime Minister Qohir Rasulzoda, PM Shehbaz invited Tajikistan to use the Karachi Port for transit trade.
   • He emphasized the importance of constructing rail tracks and roads to enhance regional connectivity.
   • PM Shehbaz proposed hosting a regional connectivity summit in Pakistan to promote trade corridors and regional trade.
6. Parliamentary Cooperation:
   • The Prime Minister stressed the importance of strengthening parliamentary friendship groups and regular exchanges to deepen bilateral ties with Tajikistan.

Prime Minister Shehbaz’s meetings with Russian and Tajik leaders focused on enhancing economic cooperation, resolving trade barriers, and promoting regional connectivity to foster long-term socio-economic development in the region.