Russia-Africa Trade Reaches New Heights, Putin Highlights Growth and Cooperation

In a significant boost to economic ties, trade between Russia and Africa soared to USD 18 billion in 2022, as announced by Russian President Vladimir Putin. The trade volume saw a remarkable surge of nearly 35% in the first half of 2023, further solidifying the partnership between the regions.

Recently, President Putin met with Azali Assoumani, the chairperson of the African Union, and Moussa Faki Mahamat, the chairperson of the African Union Commission. Russia's commitment to cultivating its connections with Africa was reiterated at the summit, with mutual respect and the balance of interests emphasised as guiding principles.

Russia is a stable food supplier, and President Putin has emphasised this position since Africa has become an important market for Russian food exports. Russia sent $4.7 billion worth of grain to Africa in 2022. And many Russian businesses, especially those involved in energy, subsoil use, and agriculture, have set up shop across the continent.

Putin highlighted possibilities for collaboration in sectors including as science, technology, education, and culture in addition to typical commercial exchange. The meeting bolstered the framework for future collaboration by further exploring development prospects in many areas.

In addition to bilateral relations, President Putin expressed support for granting full membership to the African Union in the G20, an initiative previously advocated by the President of Senegal. He hopes that the decision will be ratified during the G20 summit in New Delhi in September.

With the summit underway, key discussions centered around enhancing trade and economic cooperation, ensuring food and energy security, and bolstering national healthcare systems in African countries. Russia's readiness to assist in strengthening African sovereignty and embracing a pivotal role in the emerging multipolar world order was also emphasized.

The growing trade volumes and dynamic cooperation demonstrate the commitment of both Russia and Africa to capitalize on the mutual benefits of their partnership. As they continue to explore new avenues for collaboration, the future looks promising for an increasingly prosperous relationship between the two regions.

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