Russian Deputy Prime Minister Alexei Overchuk’s visit to Islamabad marked a significant step towards strengthening Pakistan-Russia relations. His support for Pakistan’s inclusion in BRICS, as well as several promising bilateral agreements, highlighted the growing cooperation between the two nations.
Strengthening Bilateral Ties
During a joint press conference with Pakistan’s Foreign Minister Ishaq Dar, Overchuk expressed Russia’s backing for Pakistan’s bid to join BRICS, the coalition of emerging economies. “We would be supportive of it,” Overchuk said, noting Pakistan’s regional importance as part of the Global South. BRICS, initially formed by Brazil, Russia, India, China, and later South Africa, recently expanded to include Iran, Egypt, Ethiopia, and the UAE.
The two nations signed a memorandum of understanding (MoU) on economic cooperation, aiming to enhance trade and industry. The MoU between the Pakistan Mercantile Exchange (PMEX) and Saint Petersburg International Mercantile Exchange (SPIMEX) is expected to increase collaboration in the financial sector.
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Trade and Economic Growth
Bilateral trade reached $1 billion last year, driven by a significant increase in transactions settled in national currencies—up from less than 20% in 2022 to over 80% in the first half of 2024. Overchuk emphasized the importance of further boosting trade, stating, “Our governments could do better by facilitating direct contacts between people and communities.” Plans to establish a steel mill in Karachi with Russian cooperation could further strengthen this economic relationship. Pakistan currently faces a gap of 3.1 million tons between steel production and demand, highlighting the importance of such initiatives.
Additionally, the Russian delegation discussed potential collaborations in traditional and clean energy, transportation, agriculture, and medicine. A free trade agreement between Pakistan and the Eurasian Economic Union (EAEU) could also advance economic relations between the two countries.
Defence and Regional Cooperation
Overchuk’s visit included a meeting with Pakistan’s Chief of Army Staff, General Asim Munir, where they discussed security and regional dynamics. The COAS reiterated Pakistan’s commitment to fostering strong defence ties with Russia. Both sides reaffirmed their desire to enhance cooperation in security, peacekeeping, and counterterrorism efforts.
Overchuk commended Pakistan’s role in combating terrorism and promoting regional stability, noting that “Pakistan armed forces’ efforts are pivotal for peace in the region.” Cooperation at multilateral forums, such as the Shanghai Cooperation Organisation (SCO) and the United Nations, was also discussed.
With mutual support in international platforms and a clear agenda for economic and defence collaboration, Pakistan and Russia are poised to deepen their partnership in the coming years.