Pakistan, Russia sign first-ever barter trade deal

• 1st Pak-Russia Trade and Investment Forum taking place in Moscow.
• Minister says both sides have great scope of joint ventures.
• “All our economic sectors are open for investment,” he says.

In a major development, Pakistan and Russia on Tuesday signed first-ever barter trade deal in Moscow.

Sharing a post on social media platform X, the Pakistan embassy in Russia said that on the sidelines of the Pak-Russia Trade & Investment Forum, a memorandum of understanding (MoU) on barter trade was signed between LLC "Astarta Agrotrading" and Pak Meskay and Femtee Trading Company and National Fruit Processing Factory.

It is pertinent to mention here that the first Pakistan-Russia Trade and Investment Forum is taking place in Moscow.

Minister for Privatisation Abdul Aleem Khan, in his remarks, on the occasion expressed the confidence that this forum marks the start of new bilateral relations between the two countries.

He said Pakistan-Russia have longstanding diplomatic and commercial relations. He said Pakistan attaches great importance to its relations with Russia, emphasising that both sides have a great scope of joint ventures in different fields.

The privatisation minister highlighted the attractive business environment offered by Pakistan. He said Pakistan constitutes the fifth largest market in the world and it has the most liberal trade and investment regime in the region, saying the foreign investment in Pakistan is fully protected.

“All our economic sectors are open for investment.”

In his remarks on the occasion, Pakistan's Ambassador to Russia Muhammad Khalid Jamali expressed satisfaction that bilateral trade between Pakistan and Russia has crossed the one billion dollar threshold, saying this reflects the growing interest of both countries to enhance their economic and trade relations.

The ambassador said Pakistan views Russia as an important and reliable trade partner and looks forward to working with it to enhance economic relations.