Russia Seeks to Expand Exports to Libya Amid Growing Economic Ties

Belarus and Russia continue to strengthen their trade and economic cooperation, as highlighted in a recent meeting of the High-Level Group of the Union State Council of Ministers in Minsk, Belarus. The meeting, co-chaired by Russian Deputy Prime Minister Alexei Overchuk and Belarusian Deputy Prime Minister Dmitry Krytoi, focused on promoting trade and economic ties between the two countries. They discussed the development of transport connections, synchronizing customs duties, regulating transport fees, creating more convenient conditions for mobile telephone users, regulating taxi services, and implementing the mutual visa recognition agreement. They also reviewed the progress of implementing the protocol decisions adopted by the Union State [bfec6df9].

The economic growth of Belarus in 2023 was 3.9 percent, while the Russian economy increased by 3.6 percent. Russia's total accumulated investment in the Belarusian economy grew by 6.7 percent to almost $2.9 billion. The share of transactions in national currencies in the Union State reached 92 percent. Over 80 Russian regions maintain trade and economic ties with Belarus, with companies from 72 constituent entities of the Russian Federation signing over 5,236 foreign trade contracts with Belarusian partners, totaling over 120 billion Russian roubles between March 2022 and February 2024 [0d5f9860].

In addition to Belarus and Russia, Libya and Russia have also agreed to boost economic cooperation. The General Union of Chambers of Commerce, Industry and Agriculture of Libya signed a joint agreement with its Russian counterpart to expand communications between institutions, organize forums and conferences, exchange information related to the economy and foreign trade, and evaluate procedures and remove obstacles to economic cooperation. The agreement was signed during a meeting in Moscow between Mohammed Raied, Chairman of the General Union of Chambers of Commerce, Industry and Agriculture in Libya, and Vladimir Badalko, his Russian counterpart [bd7883fc].

Furthermore, on October 1, 2024, Russian Ambassador to Libya Aydar Aganin met with officials from the Misrata Free Zone to discuss expanding exports of Russian products to Libya, particularly in grains and fertilizers. This meeting is part of ongoing talks regarding trade and investment cooperation, which have been a focus since earlier discussions on July 23, 2024. Concerns about the Russian military presence in Libya were also raised during discussions in June 2024 [8ee764b6].

China has invited Libya to strengthen trade and investment ties. The Chargé d'Affaires of the Chinese Embassy in Libya, Liu Jian, has invited Libya's Minister of Economy and Trade, Mohamed Al-Huwaij, to visit Beijing and lead a delegation at the upcoming China-Africa Cooperation Forum. They discussed current trade and investment ties between China and Libya and ways to boost economic collaboration. Al-Huwaij expressed Libya's readiness to support Chinese companies entering the Libyan market and instructed the Libyan-Chinese Joint Economic Chamber and the Libyan-Chinese Business Council to organize a joint economic forum in Tripoli in early 2025. Jian reiterated China's interest in strengthening trade and investment relations with Libya [cef20dfe].

These agreements and discussions between Belarus, Russia, Libya, and China demonstrate their commitment to deepening economic cooperation and strengthening bilateral relations. The countries involved are actively working towards enhancing coordination and collaboration in various sectors, further solidifying their strategic partnerships [462d51a3] [2eeca37b].