ZimTrade has signed a five-year Memorandum of Understanding with Russia's Roscongress Foundation aimed at connecting Zimbabwean exporters with Russian buyers and expanding trade between the two countries.

Announcing the agreement at the St Petersburg International Economic Forum 2026, ZimTrade said the deal was designed to create direct links between Zimbabwean businesses and the Russian market.

"This MOU is the first step connecting Zimbabwean exporters directly with Russian buyers & leaders," ZimTrade said.

The trade promotion body added that implementation had already begun through meetings with Business Russia and the St Petersburg Chamber of Commerce focused on value-added exports and reciprocal trade missions.

"The work has already started with initial sideline meeting underway with Business Russia & St Petersburg Chamber on value-added exports + reciprocal trade missions," ZimTrade said.

The agreement comes as Zimbabwe intensifies efforts to diversify export markets and reduce reliance on traditional destinations in Southern Africa, China and the United Arab Emirates. According to trade data, Zimbabwe's exports grew by 92% over the past decade from US$3.87 billion in 2014 to US$7.43 billion in 2024, although the country's import bill continued to outpace export growth, resulting in a trade deficit of about US$2.1 billion in 2024.

Against that backdrop, Russia remains a relatively small destination for Zimbabwean goods. United Nations trade data show Zimbabwe exported goods worth approximately US$1.31 million to Russia in 2024, highlighting the limited commercial relationship that currently exists between the two countries.

The significance of the Roscongress agreement therefore lies less in current trade volumes and more in its potential to open access to a market of more than 140 million consumers at a time when Russia is actively seeking new trade partners across Africa, Asia and Latin America following sanctions imposed by Western countries. SPIEF itself has become one of Russia's premier platforms for building economic ties with emerging markets and Global South economies.

The focus on value-added exports is also consistent with Zimbabwe's industrialisation strategy. While the country's export earnings have risen steadily, exports remain heavily concentrated in minerals and primary commodities such as gold, tobacco and lithium. Economists have long argued that greater value addition could increase export earnings, create jobs and improve resilience against commodity price shocks.

The latest trade figures illustrate the challenge facing policymakers. Imports rose to about US$9.5 billion in 2024 while exports reached US$7.4 billion, widening Zimbabwe's trade deficit to roughly US$2.1 billion. Expanding access to new markets is therefore increasingly viewed as a critical component of efforts to narrow the trade gap and boost foreign currency earnings.

However, analysts note that market access agreements alone do not automatically translate into increased exports. Success often depends on whether local producers can meet international standards, maintain reliable supply chains and produce competitively priced goods. Previous trade agreements signed with various countries have not always resulted in substantial increases in export volumes, underscoring the importance of follow-through after diplomatic and commercial engagements.

The new agreement also builds on growing political and economic ties between Harare and Moscow.

Zimbabwe has regularly participated in SPIEF and has sought deeper cooperation with Russia in mining, agriculture, energy and trade. During the 2024 edition of the forum, President Emmerson Mnangagwa described Russia as a longstanding ally and called for stronger economic cooperation between the two countries.