Islamabad, September 19, 2024 – Pakistan expressed its desire on Thursday to explore the possibilities of engaging in barter trade with Russia as part of an effort to strengthen bilateral economic cooperation.
This proposition was discussed during a meeting between President Asif Ali Zardari and the visiting Russian Deputy Prime Minister Alexei Overchuk at the Aiwan-e-Sadr. Overchuk, accompanied by a delegation, was welcomed warmly as both nations reiterated their commitment to deepening economic and trade ties.
During the meeting, the two leaders emphasized fostering mutually beneficial cooperation in a range of sectors, including agriculture, food security, education, railways, business, science and technology, as well as promoting stronger people-to-people ties. President Zardari, in particular, stressed the importance of expanding trade relations and the potential of barter trade, which could allow both countries to trade goods without relying on hard currency, offering economic advantages to both.
The Pakistani president also called for enhanced regional connectivity to further boost economic relations. Zardari suggested easing visa regulations and improving transport links through railways and direct flights to facilitate both business and personal exchanges. This, he noted, would strengthen people-to-people and business-to-business contacts, further cementing the relationship between Pakistan and Russia.
The agricultural sector was a key focus during the discussions. Both parties agreed that there is immense potential for collaboration in agriculture, particularly in areas of food security and joint ventures. This could lead to enhanced agricultural productivity and trade for mutual benefit. The delegation was informed that a 75-member Pakistani business delegation is scheduled to visit Russia in October 2024 to explore potential business and economic cooperation, underscoring Pakistan’s dedication to expanding bilateral trade with Russia.
Deputy Prime Minister Alexei Overchuk responded positively to Pakistan’s overtures, expressing Russia’s willingness to enhance cooperation in critical areas, including food security, science and technology, education, and railways. He noted that Russia is keen on strengthening ties in these sectors and sees great potential in future collaborations.
Overchuk also mentioned that the upcoming visit of the Russian Prime Minister to Pakistan in October would offer another opportunity to further bolster bilateral relations. The visit is expected to pave the way for concrete steps to increase cooperation, especially in the field of economic development and regional connectivity.
Moreover, Overchuk underscored Russia’s respect for all religions and Muslim culture, highlighting Russia’s condemnation of recent desecration of the Holy Quran, a gesture appreciated by the Pakistani leadership.
Prominent Pakistani officials were present at the meeting, including Deputy Prime Minister and Foreign Minister Ishaq Dar, Pakistan People’s Party Chairman Bilawal Bhutto Zardari, Minister of Planning, Development, and Special Initiatives Ahsan Iqbal Chaudhary, Minister of Energy Sardar Awais Ahmad Khan Leghari, and Minister of Commerce Jam Kamal Khan. Senior government officials, including Senator Sherry Rehman, were also in attendance.
The meeting concluded with both sides reiterating their commitment to expanding trade, enhancing regional connectivity, and fostering cooperation in various sectors, with the goal of further strengthening the long-standing relationship between Pakistan and Russia. The exploration of barter trade possibilities marks an important step towards achieving these objectives.
