Trade between Russia and Africa may double by 2030 to $50-60 bln
Vladimir Ilyichev stressed that Russia is systematically strengthening trade ties with the African and Middle Eastern regions.
The Economic Development Ministry expects Russia’s trade turnover with African countries to double by 2030 to $50-60 billion, Deputy Economic Development Minister Vladimir Ilyichev said at the Caucasus Investment Forum.
"Today, relations between Russia and Africa are developing very dynamically. Over the past five years, the share of African countries in our total trade turnover has increased from 2.5% to 3.5%. So far, this, of course, is not so much. In absolute terms, this is around $24.5 billion last year. But, according to our forecasts, by 2030 such trade turnover could reach from $50 to $60 billion, depending on the scenarios that work out," he said.
Ilyichev stressed that Russia is systematically strengthening trade ties with the African and Middle Eastern regions, including helping businesses develop new markets and working to improve conditions for foreign economic activity.
"The instrument of free trade agreements helps us in it. Last year we signed such an agreement with Iran. Negotiations with Egypt and the UAE are at the final stage, and with Algeria, Morocco and Tunisia they are being worked out," he noted.
Such agreements will not only increase mutual flows of services and investments, but will also enhance the effects of commodity liberalization through additional preferences in such areas as transportation of goods, logistics, insurance, technical maintenance and settlements for transactions, the Deputy minister said.
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The Economic Development Ministry expects Russia’s trade turnover with African countries to double by 2030 to $50-60 billion, Deputy Economic Development Minister Vladimir Ilyichev said at the Caucasus Investment Forum.
"Today, relations between Russia and Africa are developing very dynamically. Over the past five years, the share of African countries in our total trade turnover has increased from 2.5% to 3.5%. So far, this, of course, is not so much. In absolute terms, this is around $24.5 billion last year. But, according to our forecasts, by 2030 such trade turnover could reach from $50 to $60 billion, depending on the scenarios that work out," he said.
Ilyichev stressed that Russia is systematically strengthening trade ties with the African and Middle Eastern regions, including helping businesses develop new markets and working to improve conditions for foreign economic activity.
"The instrument of free trade agreements helps us in it. Last year we signed such an agreement with Iran. Negotiations with Egypt and the UAE are at the final stage, and with Algeria, Morocco and Tunisia they are being worked out," he noted.
Such agreements will not only increase mutual flows of services and investments, but will also enhance the effects of commodity liberalization through additional preferences in such areas as transportation of goods, logistics, insurance, technical maintenance and settlements for transactions, the Deputy minister said.
Source