25-04-2025
- Business
- Business Recorder
Jam, SPIMEX's VP seek new frameworks for goods trading
ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, held a high-level meeting with Dmitriy Chernyshev, vice president of the Saint Petersburg International Mercantile Exchange (SPIMEX) and discussed ways and means to enhance bilateral trade mechanisms through institutional exchange platforms and exploring new frameworks for goods trading between the two countries.
During the meeting, Minister Khan reaffirmed Pakistan's commitment to fostering trade ties with Russia, highlighting the progress made despite global economic challenges.
He noted that the bilateral trade volume reached approximately $963 million in FY 2023–24, with Pakistan's exports to Russia at $83 million and imports at $880 million, citing banking hurdles as the main impediments.
Chernyshev introduced SPIMEX as Russia's leading commodity exchange, facilitating large-scale trade in refined petroleum, gas, fertilizers, and timber.
He emphasised SPIMEX's mission to ensure transparent pricing and efficient commodity trade, and elaborated on its role in forming a club of international commodity exchanges—a cooperative initiative.
The two sides discussed activating the MoU signed between SPIMEX and Pakistan Mercantile Exchange (PMEX) to facilitate technical cooperation, information exchange, and digital integration of trading platforms.
Minister Khan expressed strong support for continuing knowledge sharing between the two exchanges and encouraged practical steps to operationalise commodity trade using standardised, interchangeable goods such as oil, wheat, fertilisers from Russia, and rice, cotton, fruits, and vegetables from Pakistan.
The SPIMEX delegation's visit, spanning April 21–25, also includes engagements with key Pakistani stakeholders in trade, banking, and logistics sectors, aiming to build sustainable, long-term economic cooperation amid shifting global trade dynamics.
Copyright Business Recorder, 2025
