| Welcome to Global Village Space

Thursday, May 23, 2024

Islamic countries refuse to hinder Russia’s economic growth

Russia and Islamic nations defy Western sanctions, forging strong economic partnerships and expanding trade opportunities.

In a world marked by geopolitical tensions and economic uncertainties, Russia has found strong support and promising economic opportunities in its relations with the Islamic world. Despite facing sanctions from the West, Russia has fostered robust trade and cooperation with Islamic nations, as highlighted by the recent ‘Russia-Islamic World’ forum held in Kazan. 

Islamic Countries Stand with Russia

Amidst Western sanctions, Russian Deputy Prime Minister Marat Khusnullin asserts that Islamic countries have stood firmly in support of Russia. At the Kazan economic forum, delegations from Russia and the Organisation of Islamic Cooperation countries engaged in fruitful discussions, resulting in the signing of over 100 trade agreements. This overwhelming support demonstrates the solidarity shared between Russia and the Muslim world, providing a vital boost to Russia’s economic prospects.

Read More: Russian fuel oil exports to China to hit record high – Bloomberg

Unwavering Trade Relations

Contrary to the West’s lead, no Islamic nation has imposed economic sanctions on Moscow, allowing trade between the Islamic world and Russia to continue unhindered. This resilience has paved the way for increased economic cooperation and trade diversification. Bilateral agreements are being pursued in various sectors, including agricultural products, Halal food, crude oil processing, and banking. These agreements not only bolster economic ties but also foster cultural exchange and understanding.

Role of the International North South Transport Corridor

A major catalyst for the expanding trade between Russia and Islamic countries is the International North South Transport Corridor. This extensive network of ship, rail, and road routes facilitates the movement of cargo between India, Iran, Azerbaijan, Russia, Central Asia, and Europe. The corridor presents an efficient and cost-effective alternative to traditional trade routes, such as the Suez Canal, while also mitigating the risks posed by EU sanctions. The increased accessibility and streamlined logistics offered by this corridor have sparked optimism for enhanced trade cooperation.

Benefits for Russia and the Islamic World

The burgeoning economic relations between Russia and Islamic countries hold significant advantages for both parties. For Russia, the support from the Muslim world provides a lifeline amidst Western sanctions, ensuring a steady flow of trade and investment. Additionally, the diversification of trade partners beyond Western economies allows Russia to reduce its dependence on a single market, fostering a more resilient and balanced economy. Meanwhile, Islamic countries gain access to Russia’s rich resources, advanced technologies, and diverse consumer market, providing opportunities for economic growth and development.

Broader Implications

The flourishing economic ties between Russia and the Islamic world extend beyond bilateral cooperation. These partnerships have the potential to reshape global economic dynamics and foster a multipolar world order. By diversifying their trade networks and asserting their autonomy, both Russia and Islamic nations challenge the dominance of Western economic powers. Furthermore, these collaborations foster closer geopolitical ties and strengthen diplomatic relations, creating a more balanced and inclusive global landscape.

Read More: ‘Unified’ G7 hits Russia with new sanctions

The ‘Russia-Islamic World’ forum in Kazan and the subsequent trade agreements signed highlight the unwavering support of Islamic countries for Russia, despite Western sanctions. These alliances not only provide a lifeline for Russia’s economy but also open up promising opportunities for the Islamic world. As trade and cooperation continue to flourish, the partnerships between Russia and Islamic nations hold the potential to reshape global economic dynamics and contribute to a more balanced and multipolar world order.