MOSCOW (Pakistan Point News / Sputnik - 28th July, 2023) Russia could see at least a twofold increase in trade with African countries by 2030 from the current $18 billion in turnover, Economic Development Minister Maxim Reshetnikov said Thursday.
"There are 1.5 billion people in Africa now; there will be 1.7 billion people by 2030 and 3 billion people by 2100, according to demographic forecast. It is one of the largest markets and a market that is growing ... Our goal is to at least double trade by 2030. For comparison, we have over $40 billion in trade with Belarus and only $18 billion with the whole of Africa. Opportunities are definitely there," Reshetnikov said in an interview with the Russia-24 broadcaster.
He added that African countries are natural consumers of the goods Russia produces, including food products, fertilizers, agricultural machinery, transport engineering and other.
"However, it is clear that the growth will not happen by itself. Certain efforts must be made to achieve it, and we are making these efforts now. This includes the conclusion of agreements on a free trade zone," the minister said, adding that free trade zones are being negotiated at the level of the Eurasian Economic Union with Egypt, Algeria and Morocco.
Reshetnikov noted that the growth in trade would require the transition to settlements in national currencies, the connection of African banks to the financial messaging system, and the transition to settlements in rubles.
The second Russia-Africa Summit and Economic and Humanitarian Forum is taking place in the Russian city of St. Petersburg from July 27-28. Summit participants are expected to sign a number of multilateral and bilateral documents. Sputnik is an official media partner of the event.
