Pakistan reaffirms pledge to strengthen economic, trade ties with Russia

BEIJING: Federal Minister for Finance and Revenue Senator Aurangzeb Thursday reaffirmed Pakistan’s commitment to enhancing economic, trade and investment ties with Russia.

Aurangzeb met with the Russian Deputy Prime Minister Alexei Overchuk on the sidelines of Boa Forum for Asia (BFA) Conference here and emphasized growing momentum in bilateral relations, especially in the fields of energy, trade and industrial collaboration, recalling the significant progress made during the 9th session of the Pakistan Russia Inter Governmental Commission (IGC) in Moscow co-chaired by Pakistan’s Minister for Energy Sardar Awais Ahmed Khan Leghari and Russian Minister of Energy Sergei Tsivilev.

The discussions during the meeting also focused on strengthening energy cooperation with Pakistan expressing interest in expanding the procurement of crude oil and investments in oil and gas exploration. The two dignitaries also delved into opportunities for collaboration in the hydropower sector with Pakistan welcoming Russia’s technical expertise and investment.

Additionally, the minister acknowledged the significance of Pakistan Russia Freight Pilot Train Project scheduled for launch on March 31, 2025 under the North South Transport Corridor via Iran. Both sides discussed measures to ensure smooth operations including customs facilitation and regulatory alignment.

Pakistan’s keen interest in establishing a new steel mill with Russian collaboration was also highlighted. The minister stressed the importance of feasibility studies and cost assessments to move the project forward.

The federal minister reaffirmed Pakistan’s commitment to strengthening its economic and trade relations with Russia and expressed optimism about expanding bilateral cooperation in key areas of mutual interest.