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ISLAMABAD:
Federal Minister for Energy (Power Division) Awais Ahmed Khan Leghari on Thursday said Pakistan and Russia had immense untapped potential in trade, energy, education and connectivity, stressing that stronger economic cooperation and improved transport linkages could help bilateral trade surpass the billion-dollar mark in the coming years.
Speaking at a webinar titled “Pakistan-Russia: Strengthening Trade, Education and Energy Collaboration,” jointly organised by the University of World Civilisations Moscow and the Institute of Regional Studies, the minister said Pakistan-Russia relations had gained positive momentum over the past two decades, driven by mutual trust, respect and a shared commitment to regional stability. He noted that the bilateral relationship had evolved independently and was no longer shaped by geopolitical considerations, adding that both countries attached great importance to the United Nations and the international law in promoting peace, security and cooperation.
Leghari underscored that Eurasian connectivity offered significant opportunities for economic growth and common prosperity and termed the revival of historic land routes through Central Asia and the International North-South Transport Corridor vital for enhancing trade between Pakistan and Russia.
Bilateral trade stood at $243.412 million during financial year 2025, which was significantly below the potential. Trade had exceeded $1 billion in FY24 but later dropped due to challenges related to payment mechanisms, banking channels, financing arrangements and shipping.
Leghari expressed confidence that the Programme of Economic Cooperation between Pakistan and Russia until 2030 would help strengthen economic ties and create new opportunities for businesses.
Referring to regional connectivity initiatives, the minister cited that Pakistan had signed a memorandum of understanding (MoU) on the Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan-Pakistan multimodal transport corridor and another agreement on railway cooperation with Russia in June 2024. The establishment of a rail link will be instrumental in expanding bilateral trade and upgrading the Quetta-Taftan railroad.
As no direct flights were operating between the two countries, the minister stressed that both sides were considering the possibility of early resumption and “our airlines can explore code-sharing and transit route arrangements, particularly for cargo flights”.