ISLAMABAD: Pakistan and Russia on Friday signed three memorandums ofunderstanding aimed at enhancing cooperation in energy, trade facilitation,and institutional linkages, marking a significant step in bilateralrelations.
The agreements were formalised on the sidelines of the two-day ShanghaiCooperation Organisation Council of Heads of Government meeting beinghosted by Pakistan.
One MoU focuses on expanding collaboration in the oil and gas sector,including joint exploration, refinery upgrades, and the long-discussedPakistan Stream Gas Pipeline project.
Another agreement establishes a framework for increasing bilateral tradevolume, currently hovering around $1 billion, through removal of non-tariffbarriers and promotion of banking channels.
The third MoU seeks to strengthen ties between key institutions of bothcountries, particularly in the fields of science, technology, education,and cultural exchange.
Prime Minister Shehbaz Sharif and his Russian counterpart Mikhail Mishustinwitnessed the signing ceremony and expressed satisfaction over the growingconvergence of interests.
Both leaders emphasised that the agreements reflected mutual desire todiversify partnerships beyond traditional allies and tap untapped economicpotential.
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Officials said implementation roadmaps would be finalised within threemonths, with working groups already tasked to expedite progress on energyinfrastructure projects.
The development comes against the backdrop of Pakistan’s efforts to secureaffordable energy supplies and Russia’s pivot towards Asian marketsfollowing Western sanctions.
Analysts view the accords as a pragmatic move that could help stabilisePakistan’s energy security while offering Russia new export avenues.
Source: www.dawn.com/news/1876543″>https://www.dawn.com/news/1876543
