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06.12.2023

Sergei Glazyev: "Eurasia and Africa become new centers of global economic activity"

Trade deepening, the search for new logistics routes and developing a new system of international settlements based on national, including digital currencies, were outlined by Sergei Glazyev, Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission, among the possible priorities in developing cooperation between the Eurasian Economic Union and Egypt and other African countries during his speech at the opening ceremony of a multi-sectoral business mission of Russian companies on December 5 in Cairo. The business mission was organized by the Russian Export Center.

"The potential of trade and economic cooperation between the EAEU countries and Africa is enormous, and there are all the necessary prerequisites for its further development," Sergei Glazyev stated, emphasizing that the trade turnover between the EAEU and the African region increased by 34% from January to September of this year, while the EAEU exports to the African region grew by 40%.

"The African market generates good demand for mineral products, food, chemical goods, metals, machinery and equipment manufactured in the EAEU States. At the same time, agricultural raw materials, vegetables, fruits, chemical products, textiles and clothing are imported from African countries into the EAEU," Sergei Glazyev said, emphasizing the importance of finding new tools to support trade and economic cooperation. 

During the plenary part of the business mission, entrepreneurs from Russia and Egypt, as well as the EEC representatives discussed such issues as increasing exports to Egypt and its constraining factors, financial and non-financial mechanisms to support exports, special aspects and practices of procurement activities, possible solutions to logistics issues and cross-border settlements in light of restrictive measures imposed by third countries on certain EAEU States.

The discussion attendees noted the practical interest in launching a free trade agreement between the EAEU and Egypt, as well as developing interaction between the EAEU and sub-regional integration associations in Africa with a focus on cooperation in the agricultural sector, machine building, knowledge intensive technologies, transportation, energy, including the use of renewable resources. 

Alexey Tevanyan, Trade Representative of the Russian Federation in Egypt, has also noted that the successful operation of the Russian industrial zone in the economic zone of the Suez Canal in Egypt, where companies from other Union countries also have the opportunity to obtain resident status and enter the entire African market with their products manufactured in this zone, is of great importance for increasing the volume of trade and economic cooperation. Besides, the extension of interbank cooperation and the launch of settlements in national currencies will have a positive impact on trade.

Shaimaa Bahaa El Din, Director of International Relations and Development Partner's Relations at the Federation of Egyptian Industries (FEI), highlighted the prospects for developing cooperation ties between the Egyptian and Russian companies, noting the best practices in the expertise and internationalization of business.

Representatives of the Egyptian business circles expressed great interest in developing cooperation in various fields of cooperation both with the Russian Federation and other EAEU countries.

In 2024, it is planned to continue the Commission’s participation in multi-sectoral business missions. Relevant preparatory work is carried out by the EEC jointly with the REC, the EAEU Business Council, the RUIE and business circles of the Union Member States.

For reference

The event was organized by the Russian Export Center with the assistance of the Trade Mission of the Russian Federation in Egypt. Over 50 Russian and Egyptian companies took part in the business mission.