Pakistani Prime Minister Shehbaz Sharif stated it was time to 'overcome financial and other banking issues' and resume trade with Moscow, suggesting a 'barter' system could even be set up, during a meeting with Russian President Vladimir Putin on the sidelines of the Shanghai Co-operation Organisation (SCO) Summit in Astana on Wednesday.
"During the 50s, 60s and 70s, we had bilateral trade under 'barter' (system of exchange of goods without using currency). We used to import a lot of machinery and goods from erstwhile Soviet Russia and we used to export textile leather goods to your country and it was under barter," Sharif said.
"I think today is the time we can overcome financial and other banking issues by renewing our trade and expanding our trade under barter, that will be very beneficial to Pakistan and we will be able to overcome lots of many other problems," he continued.
The Pakistani prime minister also thanked Russia for co-operation in energy and oil shipments, adding that Moscow and Islamabad 'need to further move in this direction'.
In turn, Putin emphasised that the relations between the two countries were developing both in a businesslike and friendly manner.
"I would like to highlight the growth of trade turnover, and the prospects are quite good. I would draw particular attention to two directions. First of all, the energy and agro-industrial business co-operation. Our energy supplies to Pakistan have begun, and we are ready to increase them. At your request, Russia is seeking to contribute to Pakistan's food security. We are expanding grain supplies to the Pakistani market," the Russian president said.
The 24th SCO Heads of State Council meeting chaired by Kazakh President Kassym-Jomart Tokayev will be held in Astana on July 3-4.
Leaders will discuss the results of the SCO's activities for 2023-2024 and address co-operation in the political, security, economic and humanitarian spheres.
After the summit in Kazakhstan, the organisation’s presidency for 2024-2025 will pass to China.
The SCO comprises India, China, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The organisation also includes 14 dialogue partners and 3 observer countries.
Time to 'overcome financial and other banking issues', resume trade 'barter' system with Russia - Pakistani PM at meeting with Putin
Pakistani Prime Minister Shehbaz Sharif stated it was time to 'overcome financial and other banking issues' and resume trade with Moscow, suggesting a 'barter' system could even be set up, during a meeting with Russian President Vladimir Putin on the sidelines of the Shanghai Co-operation Organisation (SCO) Summit in Astana on Wednesday.
"During the 50s, 60s and 70s, we had bilateral trade under 'barter' (system of exchange of goods without using currency). We used to import a lot of machinery and goods from erstwhile Soviet Russia and we used to export textile leather goods to your country and it was under barter," Sharif said.
"I think today is the time we can overcome financial and other banking issues by renewing our trade and expanding our trade under barter, that will be very beneficial to Pakistan and we will be able to overcome lots of many other problems," he continued.
The Pakistani prime minister also thanked Russia for co-operation in energy and oil shipments, adding that Moscow and Islamabad 'need to further move in this direction'.
In turn, Putin emphasised that the relations between the two countries were developing both in a businesslike and friendly manner.
"I would like to highlight the growth of trade turnover, and the prospects are quite good. I would draw particular attention to two directions. First of all, the energy and agro-industrial business co-operation. Our energy supplies to Pakistan have begun, and we are ready to increase them. At your request, Russia is seeking to contribute to Pakistan's food security. We are expanding grain supplies to the Pakistani market," the Russian president said.
The 24th SCO Heads of State Council meeting chaired by Kazakh President Kassym-Jomart Tokayev will be held in Astana on July 3-4.
Leaders will discuss the results of the SCO's activities for 2023-2024 and address co-operation in the political, security, economic and humanitarian spheres.
After the summit in Kazakhstan, the organisation’s presidency for 2024-2025 will pass to China.
The SCO comprises India, China, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The organisation also includes 14 dialogue partners and 3 observer countries.
Pakistani Prime Minister Shehbaz Sharif stated it was time to 'overcome financial and other banking issues' and resume trade with Moscow, suggesting a 'barter' system could even be set up, during a meeting with Russian President Vladimir Putin on the sidelines of the Shanghai Co-operation Organisation (SCO) Summit in Astana on Wednesday.
"During the 50s, 60s and 70s, we had bilateral trade under 'barter' (system of exchange of goods without using currency). We used to import a lot of machinery and goods from erstwhile Soviet Russia and we used to export textile leather goods to your country and it was under barter," Sharif said.
"I think today is the time we can overcome financial and other banking issues by renewing our trade and expanding our trade under barter, that will be very beneficial to Pakistan and we will be able to overcome lots of many other problems," he continued.
The Pakistani prime minister also thanked Russia for co-operation in energy and oil shipments, adding that Moscow and Islamabad 'need to further move in this direction'.
In turn, Putin emphasised that the relations between the two countries were developing both in a businesslike and friendly manner.
"I would like to highlight the growth of trade turnover, and the prospects are quite good. I would draw particular attention to two directions. First of all, the energy and agro-industrial business co-operation. Our energy supplies to Pakistan have begun, and we are ready to increase them. At your request, Russia is seeking to contribute to Pakistan's food security. We are expanding grain supplies to the Pakistani market," the Russian president said.
The 24th SCO Heads of State Council meeting chaired by Kazakh President Kassym-Jomart Tokayev will be held in Astana on July 3-4.
Leaders will discuss the results of the SCO's activities for 2023-2024 and address co-operation in the political, security, economic and humanitarian spheres.
After the summit in Kazakhstan, the organisation’s presidency for 2024-2025 will pass to China.
The SCO comprises India, China, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The organisation also includes 14 dialogue partners and 3 observer countries.