Removing banking issues to boost Pak-Russia barter trade: PM

ASTANA/DUSHANBE: Prime Minister Shehbaz Sharif Wednesday underscored the need for addressing the financial and banking issues to increase barter trade with Russia, which currently stands at around $1 billion.

Shehbaz met with Russian President Vladimir Putin here on the sidelines of Shanghai Cooperation Organization (SCO) Council of Heads of States meeting. He recalled the barter trade between the two countries during the ‘50s to ‘70s when Pakistan used to import machinery from Russia and export its leather and other commodities. He emphasised expanding bilateral cooperation across all areas of mutual benefit, including trade, energy, defence and security.

Shehbaz reaffirmed Pakistan’s commitment to work with Russia to expand further and strengthen the growing multi-dimensional cooperation between the two countries. During the ‘’warm and cordial’’ meeting, the two leaders had a wide-ranging exchange of views covering bilateral relations with a special focus on trade and economic relations, energy as well as important regional and global issues, a PM Office press release said.

Shehbaz expressed his pleasure to meet the Russian leader and recalled their earlier interaction in Samarkand. He congratulated President Putin on his re-election and expressed the hope that the Russian Federation would achieve further progress under his leadership.

The prime minister highlighted the importance Pakistan attached to its relations with Russia and expressed satisfaction over the steady growth of those relations, which were characterized by mutual trust and understanding. He said bilateral relations have been on a positive trajectory for the last several years. He expressed his readiness to work closely with the Russian president to further cement bilateral ties and viewed that both countries could benefit from President Putin’s experience and leadership. He thanked the Russian government for sending an oil shipment to Pakistan and expressed the desire to move further in this regard.

Shehbaz said Pakistan-Russian ties were not driven or impacted by any geopolitical situation, as both countries have old business relations.

According to the statement, both sides agreed to convene the next meeting of Pakistan-Russia Intergovernmental Cooperation in Moscow at an early date. Shehbaz also invited President Putin to undertake an official visit to Pakistan at his earliest convenience.

Putin also mentioned their earlier interaction in Samarkand on the sidelines of SCO summit in which they had discussed ways to further improve bilateral relations. He said Pakistan and Russia enjoyed cordial relations, which had improved due to the trade linkages. Putin said both countries could enhance their cooperation in energy and agriculture and expressed his readiness to promote cooperation with Pakistan in food security.

Meanwhile, mentioning his meeting with President Putin on his X account, Shehbaz posted, “Had a cordial meeting with President Vladimir Putin of the Russian Federation on the sidelines of SCO meeting in Astana today. We exchanged views on bilateral cooperation in multiple areas of mutual interest. We also discussed regional and international issues.”

Meanwhile, talking to his Tajik counterpart Qohir Rasulzoda in Dushanbe, Shehbaz invited Tajikistan to use the Karachi Port for transit trade besides emphasizing the promotion of regional connectivity by constructing rail tracks and roads between the two countries. The two leaders expressed satisfaction over the steadily expanding bilateral cooperation in all areas of mutual interest and reaffirmed their shared desire to further strengthen the existing fraternal ties. He congratulated the Tajik prime minister on the successful organization of the 3rd High-Level Water Conference and appreciated Tajikistan’s leading role in water diplomacy.

Hailing the signing of strategic partnership agreement as a historic moment in bilateral ties, the prime minister expressed the hope that this elevation of the bilateral relationship would open up new areas of mutually beneficial economic cooperation. He underlined that Pakistan would continue to pursue enhanced engagement with Central Asian countries, including Tajikistan, in line with its “Vision Central Asia” policy. Shehbaz also stressed that enhanced regional connectivity and integration would remain key components for sustainable long-term socio-economic development of the region.

Emphasizing the importance of regional ties in the South Asian and Central Asian region, the prime minister suggested that Pakistan host a regional connectivity summit to provide trade corridors to the Central Asian countries and promote regional trade. He welcomed the start of international flights between Pakistan and Tajikistan and emphasised increasing the number of flights. In another development, Pakistan and Tajikistan agreed to strengthen the already constituted parliamentary friendship groups, including regular parliamentary exchanges, to further deepen bilateral ties.

The bilateral relations were discussed as Chairman of the Majlisi Namoyandagon (Lower House) of Majlisi Oli (Tajik Parliament) of the Republic of Tajikistan Zokirzoda Mahmadtoir Zoir called on Prime Minister Muhammad Shehbaz Sharif. Both sides expressed satisfaction over the inter-parliamentary cooperation between the two countries, a PM Office press release said.