In 2024, over 80% of mutual transactions between Russia and Pakistan were conducted in national currencies and currencies of friendly nations, according to Russian Deputy Prime Minister Alexey Overchuk.
“Approximately 80% of transactions were made in national currencies and those of friendly countries. This represents a significant increase in recent times and is a strong indicator of their willingness to trade with us,” Overchuk said.
However, he pointed out that the trade turnover between Russia and Pakistan in 2023 was just $1.1 billion, a modest figure considering that Russia's population exceeds 140 million and Pakistan's is 240 million. “This shows there's a vast potential for improvement. For example, our trade with Belarus, which has a population of 9.5 million, reached $50 billion in 2023. Trade with China was $240 billion,” Overchuk added.
He emphasized that there's plenty of room for growth, and more frequent meetings are essential to fostering this partnership. “We're ready to support contacts between business communities and entrepreneurial organizations. On October 1, a meeting will take place in Moscow under the Chamber of Commerce and Industry,” Overchuk noted, stressing the importance of strengthening ties between the regions of both countries.
During his two-day visit to Islamabad, Overchuk is set to meet with Pakistan's President Asif Ali Zardari and Prime Minister Shahbaz Sharif, as well as hold talks with First Deputy Prime Minister and Foreign Minister Ishaq Dar.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on TASS materials