Oreshkin on how Russia, Africa can achieve sustainable, stable growth amidst trade war

The global economy is facing significant challenges, with trade wars, sanctions, and other issues hindering growth. In a recent interview at the ongoing BRICS summit in South Africa, Russian Economy Minister Maxim Oreshkin emphasized the importance of collaboration among BRICS countries to address these challenges collectively. Oreshkin noted that when the BRICS group was formed 10 years ago, the global economy was recovering from a crisis. However, the current landscape is different, with trade tensions and protectionism posing threats to economic stability. He highlighted the need for BRICS nations to work together not only on bilateral relations but also on the global agenda to promote multilateral trade and combat protectionism. Russia has implemented measures to shield its economy from external volatility, which has helped mitigate the impact of trade wars and sanctions. Oreshkin expressed confidence in Russia's ability to maintain stable growth amid escalating global trade tensions. However, he stressed the importance of restoring positive trends in bilateral and multilateral trade to support global economic growth. Oreshkin indicated that discussions on multilateral trade agreements would be a key focus at the summit, with support from all BRICS member countries. Regarding investments in Africa, Oreshkin underscored the continent's significance for Russia and highlighted the potential for collaboration between the two regions. While current trade volumes are limited, Russia is committed to expanding investment relations with African countries. Oreshkin expressed optimism about Africa's future economic development, predicting that the continent would play a crucial role in the global economy in the coming decades. He emphasized Russia's willingness to contribute to Africa's growth and prosperity through mutual cooperation and investment. In conclusion, Oreshkin's insights shed light on the efforts by Russia and African nations to achieve sustainable and stable growth amidst the complex economic challenges facing the world today. By fostering cooperation, promoting multilateral trade, and exploring new investment opportunities, these regions aim to navigate the turbulent global economic landscape and pave the way for inclusive growth and prosperity.