Islamabad: Pakistan and Russia are making strides in strengthening their commodity trade relationship through a significant high-level meeting held in Islamabad on April 24, 2025.
The meeting was led by Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, who met with Dmitriy Chernyshev, Vice President of the Saint Petersburg International Mercantile Exchange (SPIMEX), and his delegation.
The discussion focused on enhancing bilateral trade by exploring new frameworks for the exchange of goods and establishing more efficient trade mechanisms between the two nations.
During the meeting, Minister Jam Kamal Khan reaffirmed Pakistan’s commitment to enhancing trade ties with Russia despite the global economic challenges.
He pointed out that the bilateral trade volume had reached approximately US$ 963 million in the fiscal year 2023–24.
However, he highlighted that Pakistan’s exports to Russia stood at US$ 83 million, while its imports from Russia totaled US$ 880 million, with banking barriers being the major obstacle to a smoother flow of trade.
Mr. Chernyshev introduced SPIMEX as Russia’s leading commodity exchange, known for facilitating large-scale trade in refined petroleum, gas, fertilizers, and timber.
He emphasized SPIMEX’s role in ensuring transparent pricing and efficient commodity trading and outlined the exchange’s efforts in forming a global club of international commodity exchanges, which aims to foster collaborative relationships within the industry.
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The two sides also discussed taking steps to implement the Memorandum of Understanding (MoU) signed between SPIMEX and the Pakistan Mercantile Exchange (PMEX).
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The MoU will promote technical cooperation, knowledge exchange, and the digital integration of trading platforms to streamline commodity trading.
Minister Khan expressed support for the ongoing knowledge-sharing initiatives and called for actionable measures to operationalize commodity trade between the countries.
The focus would be on using standardized, interchangeable goods, including Russian products like oil, wheat, and fertilizers, alongside Pakistani exports such as rice, cotton, fruits, and vegetables.
The SPIMEX delegation’s visit to Pakistan, which spans from April 21 to 25, also includes meetings with key stakeholders in the trade, banking, and logistics sectors.
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The visit aims to solidify long-term economic cooperation between Pakistan and Russia, taking into account shifting global trade dynamics.
Both nations are determined to build a sustainable, mutually beneficial relationship in the evolving global market.
