Commerce Minister Discusses Trade Enhancement with SPIMEX

Federal Commerce Minister Jam Kamal Khan convened an important session with Dmitriy Chernyshev, the vice president of the Saint Petersburg International Mercantile Exchange (SPIMEX), to explore methods for boosting bilateral trade. The discussions centered on utilizing institutional exchange platforms and creating innovative frameworks for trading goods between Pakistan and Russia.

Commitment to Strengthened Trade Ties

During the meeting, Minister Khan restated Pakistan’s dedication to strengthening its trade relationship with Russia, recognizing the strides made despite difficult global economic conditions.

Trade Volume and Impediments

He mentioned that the two-way trade volume approximated $963 million in fiscal year 2023-24, with Pakistan’s exports to Russia valued at $83 million, while imports reached $880 million. Banking-related obstacles were identified as key challenges.

SPIMEX’s Role in Commodity Exchange

Chernyshev presented SPIMEX as Russia’s foremost commodity exchange, which facilitates extensive trading in refined petroleum products, natural gas, fertilizers, and timber. He highlighted SPIMEX’s objective to guarantee transparent pricing and efficient commodity trading, detailing its function in establishing a collaborative network of international commodity exchanges.

Enhancing Cooperation and Trade Platforms

Both parties deliberated on activating the Memorandum of Understanding (MoU) between SPIMEX and the Pakistan Mercantile Exchange (PMEX) to encourage technological collaboration, the sharing of information, and the digital integration of trading platforms.

Knowledge Sharing and Commodity Trade

Minister Khan voiced strong endorsement for the continued exchange of knowledge between the two exchanges and promoted tangible actions to initiate commodity trade using standardized, interchangeable goods. These include oil, wheat, and fertilizers from Russia, alongside rice, cotton, fruits, and vegetables from Pakistan.

SPIMEX Delegation Visit

The SPIMEX delegation’s visit, scheduled from April 21–25, also incorporates meetings with significant Pakistani participants in the trade, banking, and logistics sectors, intending to cultivate sustainable, long-term economic partnerships amidst evolving global trade dynamics.