Saturday, August 12, 2023

Is Russia planning a free trade zone with Africa?

 Russian President Vladimir Putin has recently revealed his plans to establish a free trade zone with several North African countries, including Algeria, Morocco, Tunisia, and Egypt. This announcement was made during a meeting with his Cabinet of Ministers, where he emphasized the importance of strengthening economic ties between Russia and Africa.

 The proposed free trade agreements are expected to promote greater cooperation in various sectors such as agriculture, energy, and tourism. Putin's move is part of Russia's effort to expand its presence in Africa and capitalize on the continent's growing potential for trade and investment.

 The establishment of a free trade zone is seen as a strategic move that can benefit both Russia and the participating African countries by boosting their economic growth and enhancing their competitiveness in the global market. This development is expected to create new opportunities for businesses and entrepreneurs from both sides, leading to increased job creation, improved living standards, and sustainable development. Overall, the proposed free trade zone underscores Russia's commitment to deepen its engagement with Africa and contribute to its socio-economic progress.

 As per the TASS press agency, Putin has embarked on a mission to convert the current political reliance between Moscow and North African nations into an alliance of economic collaboration. Russia intends to establish an unencumbered trade region with several countries in North Africa, such as Tunisia and Morocco.

 Additionally, Putin confirmed that Russia is preparing agreements on a free trade area with Egypt, Morocco, Tunisia, and Algeria – covering the entirety of North Africa

 Russia's decision to establish a free trade zone is not only indicative of its intent to expand its trade horizons but also its eagerness to lessen its dependence on traditional markets. In the past, Russia has predominantly concentrated on conducting business with Europe and Asia. However, in recent times, it has been keenly exploring novel trade routes and forging fresh partnerships. The proposed free trade region with Africa forms a crucial component of this overarching strategy aimed at broadening Russia's commercial network and reducing its reliance on conventional markets.

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