Russia-Africa Trade Growing Based on Mutual Trust and Goodwill, Says Putin
President Vladimir Putin has expressed his satisfaction with the growing trade between Russia and African nations, stating that it is based on mutual trust and goodwill. In an article released ahead of the Russia-Africa Summit in St. Petersburg, Putin highlighted the potential for further trade and economic partnership between Russia and Africa.
The second Russia-Africa Summit, scheduled for July 27-28, will be held alongside the Economic and Humanitarian Forum, providing a platform for business meetings and panel sessions. Putin noted that Russia’s trade turnover with African countries increased in 2022, reaching almost $18 billion. However, he acknowledged that there is still untapped potential in the trade and economic partnership.
Russian companies are keen to expand their presence and activities in Africa, particularly in areas such as technology, geological exploration, and the energy industry. Putin also cited the chemical industry, mining, transport engineering, and agriculture and fishing as other potential areas for increased cooperation.
The changing global landscape necessitates the establishment of new transport and logistical chains, as well as the formation of safe and resilient monetary and financial systems. Putin emphasized the importance of finding solutions to these challenges and ensuring mutual settlements that are free from unfavorable external influences.
Despite facing Western sanctions, Moscow remains committed to supplying grain, food products, fertilizers, and other goods to Africa. Putin affirmed Russia’s appreciation for its economic ties with individual African states, regional integration associations, and the African Union. He welcomed the African Union’s strategic course towards further economic integration and the formation of the African Continental Free Trade Area.
Putin stated that Russia is ready to build pragmatic and mutually beneficial relations, including within the framework of the Eurasian Economic Union. Furthermore, he expressed willingness to enhance cooperation with other regional integration organizations on the African continent.
To facilitate trade and economic cooperation, Moscow has established bilateral intergovernmental commissions with numerous African countries for trade, economic, scientific, and technological collaborations. The network of Russian embassies and trade missions in Africa will be expanded, and additional instruments are being developed to structure economic relations more effectively and make them more dynamic, according to Putin’s article.
The Ministry of Economic Development has projected that Russia’s foreign trade turnover with African countries could double by 2030.
In conclusion, Putin’s article showcases Russia’s commitment to strengthening trade and economic ties with African nations. Through mutual trust and goodwill, Russia aims to tap into the vast untapped potential for cooperation in various sectors. The upcoming Russia-Africa Summit and Economic and Humanitarian Forum will provide a platform for further discussions and collaborations between Russian and African businesses.
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