Pakistan, Russia sign first-ever barter trade deal

October 02, 2024 (MLN): A significant milestone was achieved at the Pakistan-Russia Trade and Investment Forum held in Moscow, Russia, on October 1, with the signing of the first-ever Memorandum of Understanding (MOU) on barter trade between the two countries.

Led by Federal Minister for Privatization, Board of Investment & Communication, Mr. Abdul Aleem Khan, a delegation of 60 Pakistani companies participated in the forum, seeking to strengthen economic ties and explore new business opportunities.

The forum was inaugurated by the Ambassador of Pakistan to Russia, Muhammad Khalid Jamali, and high-level officials from the Russian government, such as Alexey Gruzdev, Deputy Minister of Industry and Trade of the Russian Federation, and Evgeny Fidchuk, Advisor to the Minister of Transport of the Russian Federation.

The Russian company LLC "Astarta Agrotrading" and Pakistani firms Meskay & Femtee Trading Company and National Fruit Processing Factory entered into agreements for the exchange of goods, including chickpeas, rice, mandarins, potatoes, and red lentils.

Over 60 Pakistani companies, showcasing a diverse range of Pakistani products and services, including textiles, leather, sports goods, pharmaceuticals, food, agricultural products, logistics, and tourism, with a combined export value of over 500 million USD, participated in the event.

On the Russian side, more than 60 officials from various government departments, including the Ministry of Industry and Trade, Ministry of Agriculture, Ministry of Economic Development, and FSVPS (NPPO).

The inaugural Pakistan-Russia Trade and Investment Forum marks an important moment in the economic relationship between the two countries.

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