Both countries plan a 2030 cooperation pact and are exploring a currency swap to boost trade.
Image: The statesman
Pakistan and Russia have agreed to work towards signing an economic cooperation agreement by 2030 to expand trade and investment.
A major focus is regional connectivity. Pakistan has agreed to join the International North-South Transport Corridor (INSTC), which Russia wants to connect with Gwadar Port. The move could strengthen trade links between Central Asia, Russia and South Asia.
To overcome payment issues caused by sanctions on Russia, both countries are studying a currency swap arrangement. The mechanism would allow trade in local currencies instead of US dollars.
Speaking at a webinar on Pakistan-Russia relations, Energy Minister Awais Ahmed Khan Leghari said ties between the two countries have grown stronger in recent years. Cooperation now covers trade, energy, defence and technology.
Pakistan and Russia have also agreed to remove barriers to trade and investment. A recently signed Readmission Agreement is expected to ease visa procedures and support business travel.
Officials believe the growing partnership will create new economic opportunities and improve regional connectivity across Eurasia.
