Pakistan and Russia are moving towards a new era of economic partnership as both countries work on signing a comprehensive Programme of Economic Cooperation by 2030. The initiative aims to strengthen bilateral trade, attract investment, and eliminate barriers that have historically limited business relations between Islamabad and Moscow.
The development emerged during a webinar discussing the changing global order, where Federal Minister for Energy Awais Ahmed Khan Leghari highlighted the transformation of Pakistan-Russia relations. He stated that decades-old distrust dating back to the Soviet era has gradually faded, giving way to practical cooperation in sectors including energy, defence, technology, and trade.
A major focus of the proposed framework is the removal of financial and trade obstacles. Due to sanctions affecting Russia, both countries are examining alternative payment mechanisms. Pakistan has proposed currency swap arrangements with Russia and Iran to facilitate transactions in local currencies, reducing reliance on the US dollar.
Another significant breakthrough is Pakistan’s agreement to join the International North-South Transport Corridor (INSTC). The multimodal trade route is expected to connect with Gwadar Port, creating new opportunities for regional trade and improving access to Central Asian markets. Russian Deputy Prime Minister Alexey Overchuk has expressed support for integrating Gwadar into the corridor, potentially complementing China’s Belt and Road Initiative.
Officials believe that enhanced connectivity, easier business travel through the recently signed Readmission Agreement, and continuous engagement through the Pakistan-Russia Intergovernmental Commission will further strengthen economic cooperation.
Pakistan’s participation in major Russian economic forums and high-level diplomatic interactions reflects the growing strategic importance of the relationship. Analysts view the proposed cooperation programme as a step towards greater Eurasian integration, increased investment opportunities, and improved regional stability.
If finalised, the Pakistan-Russia Economic Cooperation Programme 2030 could redefine bilateral relations and open a new chapter of economic growth, connectivity, and long-term strategic partnership.
