Economic Relations between Pakistan and Russia (2000-2022): An Analysis

Abstract

The basic aims of the study to examine the evolving economic relations between Pakistan and Russia (2000-2022): aiming to provide an insightful analysis of the bilateral dynamics. Pakistan and Russia, historically distant in their diplomatic ties, have witnessed a noteworthy transformation in their economic engagement over the years. The study places a particular focus on economic aspects, including trade patterns, investment flows, and their impact on both nations. The mutual trade increase between Pakistan and Russia from just US$ 69.64 Million in 2001, to $920 Million in 2022, but there is constantly increase in Pakistan trade deficit which reached to US $772 Million in 2022. The studies also predict the future trend of Pakistan-Russia bilateral trade for the year 2030. Additionally, the study touches upon the evolution of Russia-Pakistan energy relations, emphasizing Russia's substantial contributions to Pakistan's energy sector and economic development through strategic agreements and collaborations facilitated by the Pakistan-Russia Inter-Governmental Commission (IGC).