Russia and Africa intend to expand trade and use of national currencies

Russia and Africa expand trade

Russia and Africa intend to expand trade and the use of national currencies, according to the action plan of the Russia-Africa Partnership Forum for 2023-2026 published by the Kremlin press service.

The parties intend, in particular, to identify sectors of the Russian and African economies to implement measures to support mutual trade, develop sectoral development programmes and deepen trade ties. There are plans to develop comprehensive action plans and roadmaps to enhance trade and investment co-operation.

The plan is to strengthen Russian-African business ties by establishing and expanding co-operation between Russian and African entrepreneurs, including through business associations and chambers of commerce and industry.

It is also planned to expand the legal framework with African states in the field of promotion and mutual protection of capital investments; expand the use of national currencies in mutual settlements between the Russian Federation and African states; develop correspondent relations between interested banks of the Russian Federation and African states.

The parties planned to expand trade and investment in the energy sector, including infrastructure and projects in the oil and gas sector, battery production in Africa, as well as identify investment opportunities in major energy infrastructure projects, including renewable energy technologies and energy efficiency technologies.

It is envisaged to develop co-operation in the hydropower sector through the implementation of joint projects and joint research, exchange of information and best practices.

The parties intend to consider co-operation in the mining sector, in particular capacity building, exchange of best practices, including on regulatory aspects of industrial safety at mining enterprises, and promotion of sustainable environmental and social development.

In the field of transport, it is planned, in particular, to facilitate negotiations between representatives of Russian and African air carriers with a view to expanding direct passenger air services.

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