ISLAMABAD - Pakistan and Russia signed a Memorandum of Understanding (MoU) here on Wednesday to enhance bilateral economic and trade relations, said Pakistan's Ministry of Foreign Affairs.

The signing of the MoU was witnessed by Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar and Russia's Deputy Prime Minister Alexey Overchuk, the ministry said in a statement.

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The MoU between the Pakistan Mercantile Exchange (PMEX) and Saint Petersburg International Mercantile Exchange (SPIMEX) aims to foster cooperation in economic and trade sectors.

During the event, Pakistan also announced its accession to a crucial regional agreement, the MoU on the Creation and Development of the International Transport Corridor, which links Belarus, Russia, Kazakhstan, Uzbekistan, Afghanistan, and Pakistan.

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The corridor is expected to enhance connectivity and trade flows across the region, said the foreign ministry.

Speaking at the event, Dar emphasized the significance of the agreements in strengthening Pakistan's economic ties with Russia and enhancing regional trade routes.

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Overchuk stressed that the cooperation would pave the way for increased economic activities and mutual benefits for both countries.

Dar also held delegation-level talks with the Russian counterpart, where the two sides agreed to pursue robust dialogue and cooperation in areas of trade, industry, energy, connectivity, science, technology, and education.

The two sides also agreed to continue coordination on multilateral forums, said the ministry.