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Libya has expressed interest in joining the BRICS group, according to Taher al-Bawr, the Acting Foreign Minister has said in an interview at the First Russia-Africa Ministerial Conference.
Al-Bawar said that “We are interested in joining, but joining is a guarantee of the value, the benefit that Libya can receive from joining the association. In fact, we are currently studying the possibility of joining BRICS in government circles. This requires a deep study and assessment of the benefits Libya will receive from joining BRICS.” Libya borders Egypt, a full BRICS member, as well as Algeria, a BRICS Partner state
Libya is currently going through a transition period to forming a new unity government, with Russian Foreign Minister Sergey Lavrov saying in July that Moscow hopes that a broad intra-Libyan accord will be reached, which is necessary for the successful solution of problems in the transition period, including preparations for national elections.
Bilateral trade between Russia and Libya is small, following the devastation caused by the 2011 civil war in which NATO was involved in replacing then leader Muammar Gaddafi. The country is still ruled by a unifying government with a view to holding future civil elections. Total trade turnover in 2023 grew to about US$1 billion, up from US$350 million in 2021.
Russian exports to Libya are mainly supplies of corn, barley, wheat, cigars and cigarettes. It is estimated that the potential volume of Russian agricultural products to Libya could reach around US$500 million.
Libya holds Africa’s largest proven oil reserves, at 48 billion barrels, representing 39% of the continent’s total reserves.
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