Putin Affirms Russia’s Crucial Role in Global Trade Expansion

07 June

Russia maintains its crucial role in global trade, despite enduring Western sanctions, and is actively broadening the scope of its cooperative endeavors, Russian President Vladimir Putin said during the plenary session of the St. Petersburg International Economic Forum (SPIEF).


Addressing the attendees, Putin emphasized, “Despite encountering various obstacles and facing unjust sanctions, Russia steadfastly remains a significant participant in global trade, actively fostering logistical advancements and expanding the network of collaborative engagements.”


Putin underscored, “In essence, the lion’s share of our trade turnover, approximately three quarters, is attributed to nations that maintain friendly relations with Russia and exhibit noteworthy growth in their economies, thereby shaping the trajectory of the global economic landscape.” Specifically, he highlighted the substantial surge in trade volumes with Asian countries, which escalated by 60% from 2020 to 2023, as well as a twofold increase in trade with the Middle East, a 69% upswing with African nations, and a 42% rise in trade with Latin America.


Furthermore, Moscow endeavors to augment cooperation within the framework of the Eurasian Economic Union (EAEU). Putin remarked, “In the preceding year, the collective GDP of EAEU member states surged by 3.8%, accompanied by a 4.7% uptick in mutual trade volume. Importantly, there has been a qualitative enhancement in the structure of this trade.”



GSV "Russia - Islamic World"

Based on materials from TASS