https://en.sputniknews.africa/20230529/trade-in-national-currencies-to-have-healing-effect-on-global-economy--lavrov-1059567243.html
Trade in National Currencies to Have 'Healing Effect' on Global Economy – Lavrov
Trade in National Currencies to Have 'Healing Effect' on Global Economy – Lavrov
Sputnik Africa
A transition to transactions between countries in national currencies will have a "healing effect" on global economy and international trade, Russian Foreign Minister Sergey Lavrov said on Monday.
2023-05-29T15:10+0200
2023-05-29T15:10+0200
2023-05-29T16:34+0200
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"This is an objective process, it will gain momentum, and we believe that it will have a healing effect on the world economy, on international trade and economic and investment ties," Lavrov told reporters during his visit to Kenya. The minister also noted that settlements between Russia and Kenya is still in dollars, as bilateral trade is not that big yet and amounts to less than $400 million as of yet, adding that countries will certainly switch to national currencies in the future. Lavrov also added that Russia and Kenya have agreed to support direct contacts between business communities and discussed the creation of an intergovernmental commission on economic cooperation, Russian Foreign Minister Sergey Lavrov said on Monday.The Russian minister also said that the establishment of a joint intergovernmental commission on trade and economic cooperation will facilitate this idea.Earlier in the day, Lavrov arrived on a working visit to Kenya’s capital of Nairobi. The previous visit of the Russian foreign minister to Kenya took place in 2010. Lavrov’s current visit is his fourth trip to Africa in the past 12 months.
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Trade in National Currencies to Have 'Healing Effect' on Global Economy – Lavrov
15:10 29.05.2023 (Updated: 16:34 29.05.2023) NAIROBI (Sputnik) – A transition to transactions between countries in national currencies will have a "healing effect" on global economy and international trade, Russian Foreign Minister Sergey Lavrov said on Monday.
"This is an objective process, it will gain momentum, and we believe that it will have a healing effect on the world economy, on international trade and economic and investment ties," Lavrov told reporters during his visit to Kenya. The minister also noted that settlements between Russia and Kenya is still in dollars, as bilateral trade is not that big yet and amounts to less than $400 million as of yet, adding that countries will certainly switch to national currencies in the future.
"This applies not only to Africa, but also to Latin America and our partners in Asia, with Iran, with India, and with China. We are already actively shifting to settlements in national currencies. The share of the dollar [in Russia's trade] is gradually declining," he said.
Lavrov also added that Russia and Kenya have agreed to support direct contacts between business communities and discussed the creation of an intergovernmental commission on economic cooperation, Russian Foreign Minister Sergey Lavrov said on Monday.
"We talked today about promising areas such as geological exploration, mining, energy, telecommunications, agriculture, tourism, science, and education. We agreed to actively assist businessmen in establishing direct contacts," Lavrov said after a meeting with Kenyan Foreign Minister Alfred Nganga Mutua.
The Russian minister also said that the establishment of a joint intergovernmental commission on trade and economic cooperation will facilitate this idea.
"We have agreed to finalize and sign a corresponding agreement at the end of this year," Lavrov said.
Earlier in the day,
Lavrov arrived on a working visit to Kenya’s capital of Nairobi. The previous visit of the Russian foreign minister to Kenya took place in 2010. Lavrov’s current visit is his fourth trip to Africa in the past 12 months.
