Sergey Glazyev: The African Perspective

NEW – June 21, 2022

Speech at the St. Petersburg International Economic Forum

In the Eurasian Commission, we consider cooperation with Africa as one of the important, promising and priority areas. Two years ago, formal relations were established with the African Union, and we are working on a joint action plan. As often happens in relations between bureaucratic structures, from our large interstate organisations to specific investment projects, to specific business initiatives, there is a huge distance.

Therefore, we fully feel the need to intensify our interaction. To this end, relations with the African Union are complemented by the development of cooperation with individual countries, as well as with sub-regional associations, and the stimulation of more targeted contacts with our African partners.

Indeed, we not only have huge opportunities for cooperation, but it seems that our common problems are quite acute today, which make these opportunities for the convergence of our economies more relevant, more promising and more saturated.

First of all, as is said in business, we have a good credit history. We may not have done much and the trade turnover is not so great, but our relations are not overshadowed by any conflicts. We have extensive experience of cooperation between the Soviet Union and the African continent, during which many enterprises were built, infrastructure was developed, and personnel were trained. Therefore, we easily find a common language with our African partners, and this positive history of credit confidence is worth a lot today.

Just like the countries of Africa, we have constantly faced the aggression of the West throughout our centuries-old history, which even now, in the 21st century, continues to engage in human trafficking, tries to exploit other countries and squeeze super profits out of them. We have a completely different attitude to partnership and cooperation, and in the hybrid war that the Western world is currently waging against the whole of humanity, we have common interests with African countries, we are on the same front line, there is no doubt about that. And in order to survive this war, we need to strengthen our economic ties, we need to create conditions for the disclosure of our common competitive advantages.

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It has already been mentioned here about the importance of switching trade to national currencies. Now we are working in the Eurasian Economic Union to create a common exchange space, together with Asian and African partners, we actually dominate the production of exchange-traded goods. And if we created a common exchange space that would unite the Eurasian Union, Asian countries and the African continent, then I think we could level the terms of trade and economic exchange with Western countries, make them more efficient, fairer and together form a new world economic order based on compliance with international law, including respect national sovereignty of all countries of the world.

I invite you to develop cooperation in creating this new monetary, financial, trade and economic architecture. We have just discussed this topic with our colleagues from the SCO and ASEAN countries. I think we need to do this work together.

Sergey Glazyev

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