The potential of economic cooperation between Pakistan and Russia was ‘much higher and much bigger’, Russian President Vladimir Putin told caretaker Prime Minister Anwaarul Haq Kakar on Tuesday.

“Our potential of economic cooperation is much higher, much bigger and we are going to discuss that,” he said during a meeting with Pakistan’s interim premier on the sidelines of the third Belt and Road Forum in Beijing.

Both the heads of state are in China to attend the two-day event which kicked off on Tuesday. Earlier in the day they attended a state banquet hosted by Chinese President Xi Jinping for the world leaders.

The state banquet was attended by the heads of state/governments of Russia, Kenya, Ethiopia, Mongolia, Hungary, Sri Lanka, Kazakhstan, Uzbekistan, Papua New Guinea, Mozambique and Chile, among several other world leaders.

“We have our colleagues here. I hope we will be able to listen to your colleagues and we will share our visions on how, what additional steps could be taken to enhance our cooperation in all the areas,” Putin said.

Pakistan and Russia relations got a boost earlier this year when the two sides agreed to sort out all the entanglements – transportation, insurance, payment, and rolling – for a supply of crude oil by late March.

The South Asian country, which imports grain from the Kremlin, has been looking to diversify its avenues to meet its energy demands. In 2022, the government announced that Russia would provide crude oil, petrol, and diesel to Pakistan, in principle, at discounted rates.

This had come after the “successful visit” of the former petroleum minister to the country. The first cargo of Russian crude oil for Pakistan reached Karachi on June 11, 2023.

In the meeting the caretaker PM, the Russian president stated that the focus of the joint intention was to ensure regional security and stability. He highlighted that Moscow was traditionally a supplier of food, including cereals, and the trade with Islamabad has increased and “achieved good levels”.

“This year it was one million tons of cereals that were supplied to your country [Pakistan],” Putin said.

The Russian president highlighted that his country was ready to fulfill all obligations with respect to the cereals export.

“Last year we had a record yield of 158 million tons of cereals. This year we expect a very good yield as well. Already now we understand it will be in the vicinity of 138 million tons so we are going to have enough like practically, 50 to 60 million tons for grain export but our potential is not restricted to this,” he said and mentioned the broad scope of economic ties between the two countries.

He mention that this year the two countries celebrated 75 years of establishment of diplomatic relations, however, he highlighted that the focus of the joint attention was ensuring regional security and stability as for the economy.

Caretaker PM Kakar stated that Pakistan was determined to boost ties with Russia in various fields., saying that Pakistan was an energy-deficient country and a population of almost 240 million people was a huge market.

He mentioned that the energy minister attended an energy week in Russia with “very fruitful and constructive engagement from your side and the team has come for some concrete proposals be it with the supply of oil, or gas”.

The government was thinking of some “creative options” to explore new avenues, he said, and added that Pakistan welcomed Russian investors in the energy sector.

“We are determined to increase relations with Russia in various fields,” he stated.

While speaking about the engagements, he said both countries have a convergence of interests like terrorism.

“The regional approach which emanates, particularly from Afghanistan, and in and around the areas which is traditionally more influenced by the Russian Federation and the neighborhood in which we reside along with China, deserves a regional and common approach other than the extra-regional powers,” Kakar said.

He went on to add that Pakistan was the first that would have the complications so the country should be the foremost to take the initiative and have the coordination and cooperation in the defence area, in the intelligence area, in counterterrorism, so and so forth, with Russia.

“I believe our side has very constructive engagement with the Russian authorities,” the interim PM said.

He added that he had the experience of visiting Moscow when he was a senator. Kakar added that he was mesmerised by the kind of architecture, particularly the representation of Eastern orthodox Christianity and its churches.

“I just realised that we are even closer culturally in terms of the value system. Christian orthodox Christianity does represent cultural values which are very close to home, family, and ethical values which are probably not that popular beyond this region. Russia has a Eurasian identity, you have a presence in Europe and Asia, but at the core, at heart, we feel we are more Eurasians we feel more near you.”