Trade turnover between Russia and the Gulf Cooperation Council (GCC) countries has seen a significant growth of over 6% in the past year, according to Russian Foreign Minister Sergey Lavrov. Despite the challenging geopolitical conditions, Lavrov emphasized the positive dynamics in mutual trade between Russia and the GCC nations. During the sixth round of talks with GCC representatives in Moscow, Lavrov stated that the trade turnover between Russia and the GCC countries reached more than $11 billion by the end of last year.
Lavrov acknowledged that trade development may not be consistent with every GCC country, but overall, the trend remains positive. He further highlighted the remarkable increase in bilateral trade between Russia and the Gulf countries over the past 12 years. In 2011, the total trade turnover between the two parties was merely $3.7 billion, indicating significant progress over time.
Expressing optimism about future cooperation, Lavrov stressed that Russia and the Gulf countries possess the necessary mechanisms to effectively tackle common challenges. Furthermore, he emphasized the importance of fostering mutually beneficial partnerships and establishing them on a systematic strategic basis.
Taking steps towards expanding economic ties, both Russia and the Gulf nations are working on developing alternate payment mechanisms that would bypass the dominance of the US dollar. This move aims to strengthen economic collaboration and reduce dependency on traditional financial systems.
Additionally, Lavrov assured Russia’s Arab partners that the country is prepared to meet the increasing demand for its products and boost exports if required. Despite facing difficulties caused by Western sanctions related to Ukraine, Russia remains committed to fulfilling its economic commitments and supporting its Arab counterparts.
In conclusion, the trade turnover between Russia and the GCC has experienced substantial growth, defying geopolitical tensions. Lavrov’s remarks during the talks with GCC representatives reflect the positive trajectory of bilateral trade and mutual cooperation. The ongoing efforts to enhance economic ties and explore alternate payment mechanisms demonstrate the commitment of both parties to achieving sustainable economic partnerships. Despite external obstacles, Russia remains determined to meet the demands of its Arab partners and strengthen its trade relations in the Gulf region.
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