Pakistan and Russia sign MoU in multiple sectors

Two day visit

Russian Deputy Prime Minister Alexei Overchuk arrived in Islamabad for a two-day official visit to Pakistan on September 18, wednesday. Meetings had been held between the Russian Deputy PM Alexei Overchuk and key Pakistani leaders which included PM Shehbaz Sharif and President Asif Ali Zardari. The principal reason for his visit to Pakistan is to enhance the bilateral ties and cooperation by signing MoUs in multiple sectors like agriculture, energy, science, connectivity, trade, and technology. This cooperation has the direct impact in regional connectivity and economic collaboration of both the countries. The additional aim of this visit focussed on 

• Regulating Visa
• Increasing Direct Flights
• Exploring Barter Trade
• Gearing up joint ventures 

Preparations

Several steps and preparations have been taken by the Pakistan government for Russian Deputy Prime Minister Alexei Overchuk’s two-day visit. A series of high-level meetings with the officials which includes PM Shehbaz Sharif, President Asif Ali Zardari, and other senior government ministers, aiming to address the bilateral interests. They focussed on the sectors which helped to draft the agenda during Russia’s visit and the MoUs which would be signed during this visit. They also prepared a 75-member business delegation for the visit in October 2024 to Russia. This assures Pakistan’s united commitment for the betterment of their country’s economy and trade opportunities. Pakistan ensured in emphasizing the regional connectivity with Russia for a smooth business and people-to-people exchanges.

MoU signed by Pakistan and Russia

Russia’s Deputy PM Alexei Overchuk and Pakistan’s Deputy PM Ishaq Dar signed the MoU agreement for intensifying the cooperation in key sectors.

Trade and Economy 

• It emphasizes joint ventures and direct trade.
• Barter trade – this could enhance the exchange of goods directly and avoid foreign currency challenges.

Energy

While Pakistan focussed on strengthening their energy security with Russia’s extensive reserves, on the other hand Russia is interested to expand their energy export.

• Potential agreements on oil, gas, & alternative energy sources

Agriculture and Food Security

Russia decided to supply modern agricultural machinery to Pakistan because agriculture is a key area for both the countries for future collaboration. The agreement ensures the joint ventures for food production, processing, and distribution.

Science, Technology & Education

• Agreed to uplift the academic and technological exchanges.
• Ensured to stimulate exchange of students to encourage research partnerships between institutions.

Connectivity and Infrastructure

The agreement set a seal on 

• Improving Regional connectivity
• Betterment of railway links
• Initiate direct flights and mitigate visa regulations for an easy travel & business between both the countries. 

This helps to boost the tourism, business and cultural exchange between Pakistan and Russia. Acting Managing Director of (PMEX) Pakistan Mercantile Exchange Farhan Tahir signed an agreement with the President of (SPIMEX) Saint Petersburg International Mercantile Exchange Igor Artemyev.