Islamabad: In a significant step towards bolstering economic relations, Pakistan and Russia have entered into a Memorandum of Understanding (MoU) aimed at enhancing bilateral cooperation in trade and economic sectors. The agreement was formalized at a ceremony in Islamabad, attended by key government figures from both countries.

According to Ministry of Information and Broadcasting, the MoU signing event was witnessed by Deputy Prime Minister and Foreign Minister of Pakistan, Senator Mohammad Ishaq Dar, and his counterpart, Deputy Prime Minister of Russia, Alexei Overchuk. The agreement involves the Pakistan Mercantile Exchange (PMEX) and the Saint Petersburg International Mercantile Exchange (SPIMEX). Acting Managing Director of PMEX, Farhan Tahir, represented Pakistan, while President of SPIMEX, Igor Artemyev, signed on behalf of Russia.

Additionally, Pakistan has taken a further step in international cooperation by joining the MoU on Creation and Development of the International Transport Corridor that includes Belarus, Russia, Kazakhstan, Uzbekistan, Afghanistan, and Pakistan. The instrument of accession was signed by Ali Sher Mahsud, Secretary of the Ministry of Communication, marking Pakistan’s commitment to enhancing connectivity and trade routes within the region.

These agreements are part of a broader strategy to strengthen economic ties and expand trade between Pakistan and Russia, aiming to create mutually beneficial opportunities for both nations.