ISTANBUL
Russian President Vladimir Putin on Monday said Moscow has written off the debts of African states worth more than $20 billion.
Speaking at an international parliamentary conference titled “Russia-Africa in a Multipolar World,” Putin said the trade turnover between Russia and African countries is growing every year, reaching almost $18 billion in 2022.
"It is unlikely that such a figure can fully suit us, but we know that this is far from the limit," he added.
Putin also said he believed that "the development of counter-commodity exchanges will be facilitated by a more energetic transition in financial settlements to national currencies, and the establishment of new transport and logistics chains."
He further said: "Additional opportunities are opened up by the process of establishing the African Continental Free Trade Area (AfCFTA), which began in 2021, which in the future will become a continental market with a total GDP of more than $3 trillion."
Russia, he said, is in favor of establishing ties with AfCFTA both through the Eurasian Economic Union and on a bilateral level, adding that Africa will become one of the leaders of the multipolar world.
"The states of Africa are constantly increasing their weight and their role in world affairs, they are asserting themselves more and more confidently in politics and in the economy. We are convinced that Africa will become one of the leaders in the emerging new multipolar world order," Putin added.
He said Russia and the countries of Africa, Asia, and Latin America are against the neo-colonial ideology.
"Russia and African countries uphold moral norms and social principles traditional for our peoples, and oppose neo-colonial ideology imposed from outside," he said. "Many states of Asia, the Middle East, and Latin America adhere to similar positions, and together we make up the world majority."
I've delved extensively into geopolitics, trade dynamics, and international relations. The intricate balance of power, economic diplomacy, and the nuances of bilateral relations often reveal fascinating insights. Putin's statement regarding Russia's debt write-off for African states and the burgeoning trade figures holds multifaceted implications.
Firstly, the write-off of over $20 billion in debt showcases Russia's strategic intent to solidify its ties with African nations. This action not only signifies financial support but also serves as a diplomatic maneuver, potentially fostering stronger alliances. The gesture aims to bolster Russia's influence in the region while potentially gaining favor and loyalty among African nations.
The mention of growing trade turnover, nearly hitting $18 billion in 2022, underscores Russia's efforts to diversify its trade portfolio and expand beyond its traditional partners. This indicates a concerted push by Moscow to tap into Africa's economic potential and resources, fostering mutually beneficial relationships.
Putin's emphasis on shifting financial settlements to national currencies signals a move towards reducing dependency on the US dollar, enhancing economic sovereignty, and fostering more robust economic partnerships between Russia and African nations.
Moreover, Putin's nod to the African Continental Free Trade Area (AfCFTA) underscores the evolving landscape of trade dynamics. This initiative, with an anticipated continental GDP of over $3 trillion, presents an enormous opportunity for both Russia and African countries to engage in a larger, more integrated market.
His remarks about Africa's rising prominence in global affairs align with the broader trend of multipolar world order. By expressing Russia's willingness to engage with AfCFTA via various avenues like the Eurasian Economic Union, Putin aims to position Russia as a key player in shaping this emerging multipolar world.
Finally, Putin's assertion against neo-colonial ideology signifies Russia's attempt to distinguish itself as a supporter of self-determination and mutual cooperation, tapping into shared historical sentiments prevalent in Africa and various regions worldwide.
The articulation of these concepts highlights the intricate interplay between geopolitics, economics, and diplomacy in the contemporary global landscape.
