Pakistan, Belarus push local currency payment mechanism to boost bilateral trade

Pakistan and Belarus have agreed to boost bilateral trade via consultations on secure and mutually acceptable payment mechanisms, including local currency settlements, ahead of the upcoming session of the Pakistan–Belarus Joint Ministerial Commission.

The development came during a meeting between Ambassador of the Republic of Belarus to Pakistan Andrei Metelitsa and Federal Minister for Commerce Jam Kamal Khan, read an official statement on Friday.

The two sides expressed satisfaction over the growing momentum in bilateral engagements and reaffirmed their commitment to further strengthening trade, investment and industrial cooperation.

Federal Minister Jam Kamal noted that the warm and cordial relationship between the Prime Minister of Pakistan and President of Belarus had provided strong political impetus to bilateral relations.

He said the mutual understanding and frequent engagement between the leaders of the two countries had opened new avenues for practical cooperation across multiple sectors.

Discussions focused on facilitating bilateral transactions and identifying practical financial arrangements to support businesses in both countries.

The two sides agreed that relevant financial institutions and technical experts should continue consultations on secure and mutually acceptable payment mechanisms, including local-currency settlements and other alternative arrangements.

Jam Kamal said that an effective financial mechanism would enable businesses to fully benefit from the trade potential between the two countries.

He noted that Pakistan and Belarus had significant opportunities for cooperation in agriculture, fertilisers, engineering goods, tractors, heavy machinery, energy products and food commodities.

The meeting also reviewed labour cooperation. The Belarusian ambassador informed the minister that the number of Pakistani workers employed in Belarus had increased considerably, while demand for skilled workers continued to grow.

Both sides agreed to promote transparent recruitment, appropriate skills matching and closer institutional coordination to further expand employment opportunities for Pakistani workers.

The minister appreciated Belarus’s advanced engineering and industrial capabilities, particularly in the production of tractors, trucks and agricultural machinery, and welcomed the gradual revival of cooperation in these sectors.

Preparations for the forthcoming visit of the Belarusian minister and the Joint Ministerial Commission were also discussed. Both sides agreed to utilize the upcoming engagements to advance practical cooperation, address trade-related matters and identify new areas of economic partnership.