Russia-trade-relations with Africa have witnessed significant growth in the first half of 2024, with a 25% increase in trade between January and July 2024 compared to the same period in 2023.
Russian President Vladimir Putin shared the news during a meeting with Mauritanian President Mohamed Ould Ghazouani at the #BRICS2024 Summit in Kazan.
“Commodities exchange between Russia and Africa grows year in, year out. In January-July, trade increased by 25% compared to the same period last year,” said Putin, highlighting the strengthening economic ties between Russia and the African continent.
President Ghazouani emphasized the historical and strategic importance of Mauritania’s relationship with Russia, underscoring his country’s commitment to deepening bilateral ties.
“We in Mauritania believe that our relations with Russia are historical relations, strategic relations for us. And we will spare no effort to strengthen and develop them,” he stated.
Ghazouani also expressed Mauritania’s desire for increased Russian investment, particularly in key sectors such as energy and fisheries, signalling potential future collaborations.
The discussion at the summit reflects a broader trend of deepening economic cooperation between Russia and African nations, as the two regions continue to explore mutual benefits and strategic partnerships.
Africa, especially West Africa, has a bilateral relationship with Russia. This has seen Russia do military equipment trade and others in this part of the continent. The African trade has seen a significant surge in the last two years.
Trade growth between Russia and Africa also showcases Russia’s expanding focus on alternative markets, aiming to diversify its trade amid international sanctions and tensions with Western nations. African countries benefit from Russian goods, technology, and investments in infrastructure and agriculture, while Russia gains access to valuable African resources and new markets.
This increasing engagement highlights Africa’s importance as a strategic partner for Russia, with both regions seeking to leverage each other’s economic strengths. The ongoing BRICS summit emphasizes Russia’s commitment to fostering mutually beneficial partnerships with African countries, aiming for sustained economic growth and stability across these regions.
Read Also: Africa Could Strengthen Ties with BRICS, Says Pan-African Group
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