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Prime Minister Shehbaz sharif Calls for ‘Barter System’ to Boost Trade with Russia

In Islamabad, Prime Minister Shehbaz Sharif held significant meetings on Wednesday with Russian President Vladimir Putin, Tajik Prime Minister Qohir Rasulzoda, and Uzbek President Shavkat Mirziyoyev, aimed at bolstering bilateral ties, particularly in economic cooperation.

During his meeting with President Putin in Astana, Kazakhstan, PM Shehbaz emphasized the growing strength of Pakistan-Russia relations and discussed various areas of mutual interest. President Putin expressed readiness to enhance cooperation with Pakistan in energy and agriculture, emphasizing his commitment to promoting collaboration in food security.

Addressing financial and banking issues between Pakistan and Russia, PM Shehbaz proposed revitalizing trade under a barter system, recalling the historical bilateral trade practices of the 1950s and 1960s. He highlighted the current bilateral trade volume of $1 billion and stressed the potential for further expansion.

In Tajikistan, PM Shehbaz engaged with PM Rasulzoda, proposing the use of Karachi Port for transit trade to enhance connectivity between Pakistan and Tajikistan. He underscored the importance of regional connectivity and suggested hosting a regional summit to facilitate trade corridors to Central Asia, aligning with Pakistan’s “Vision Central Asia” policy.

Additionally, PM Shehbaz and President Mirziyoyev discussed implementing preferential trade agreements and transit trade arrangements between Pakistan and Uzbekistan. They explored avenues to deepen economic relations, including enhancing connectivity via Karachi Port to Tirmez.

Furthermore, PM Shehbaz participated in the inaugural session of the Pakistan-Turkiye-Azerbaijan Trilateral Summit, advocating for stronger economic and commercial cooperation among the three nations. He emphasized the historical and cultural ties binding Pakistan with Azerbaijan and Turkiye, stressing mutual support on key international issues.

On the sidelines of the SCO Summit in Kazakhstan, President Putin and Chinese President Xi Jinping affirmed their commitment to strengthening their strategic partnership within the SCO framework. They highlighted the SCO’s role in promoting a multipolar world order and discussed bilateral projects such as the Power of Siberia 2 gas pipeline.

The SCO summit underscored efforts by Russia and China to bolster their alliance and expand SCO’s influence in Central Asia. Leaders including PM Shehbaz engaged in bilateral meetings aimed at enhancing regional cooperation and geopolitical influence.

India announced that PM Narendra Modi would not attend the SCO summit, sending Foreign Minister Subrahmanyam Jaishankar instead, ahead of Modi’s anticipated visit to Moscow later this month.

Overall, PM Shehbaz’s engagements at the SCO summit and bilateral meetings underscore Pakistan’s efforts to strengthen ties with regional and global partners, fostering economic cooperation and geopolitical stability.

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