By Nuhu Ibrahim

In the United States, President Trump froze the funds of the United Agency for International  Development, USAID, because he wants overseas spending to be closely aligned with his ‘America First’ approach. Trump posted on his Truth Page that USAID’s spending is ‘totally unexplainable…close it down.’

The developing countries in Africa and Latin America that make up the Global South are now braced for the profound effect on their humanitarian and economic programmes on USAID funding. The World Trade Organization (WTO) Director General, Dr. Ngozi Okonjo-Iweala, has challenged African leaders to look inward for funding opportunities or the continent in the light of these developments.

It is on this ground that the potential for cooperation between developing countries   and the Eurasian Economic Union (EAEU) has become a topic of growing interest, particularly as both entities seek to diversify their partnerships and reduce dependence on traditional economic powers in the Global North that encompasses the rich and powerful regions such as North America, Europe, and Australia.

While there are challenges, there are also significant opportunities for collaboration in trade, technology transfer, and geopolitical alignment. The Eurasian Union, which includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgystan, has been actively seeking to expand its global partnerships. The Economic Union has reportedly initiated agreements with some countries in the Global South namely

Egypt, the United Arab Emirates, Indonesia, Guinea, Botswana, Cameroun, the Central African Republic, Zimbabwe, Ethiopia, and Ghana to deepen trade relations.

Infact many countries in the Global South, including those in Africa, Latin America, and Southeast Asia, are reportedly looking to diversify their trade partners and reduce reliance on Western markets. Observers say that the Eurasian Economic Union offers an alternative market and a platform for robust economic cooperation. The South- South (SSC) cooperation emphasizes the exchange of resources, and knowledge among developingcountries. The Eurasian Union, while not part of the Global South, aligns with the SSC principles by promoting partnerships with developing nations, particularly through trade agreements and infrastructure projects.

Analysts point out that the Eurasian Union collaboration with China’s Belt and Road Initiative (BRI) further enhances its appeal to the Global South as it provides access to infrastructure development, trade corridors, and opportunities to developing countries, especially in the areas of transportation and logistics.

The truth is that many countries in the Global South share a desire to challenge the dominance of the Global North in world governance and economic systems. The   EurasianUnion inwhich Russia plays the violin in the development of relations between the Union and African partners positions itself as a counterbalance to western influence, making it an attractive partner for nations seeking alternative alliances..

The Eurasian Union, according to development economists, encourages the free movement of goods and services, and provides for common policies in the macroeconomic sphere, transport, industry, and agriculture, energy, foreign trade and investment, customs, technical regulation, competition, and anti-trust regulation,

They can play a role in transferring industrial and technological expertise to Global South countries, particularly in the energy, agriculture, and manufacturing sectors. Collaboration in the digital technologies and e-commerce could also be a significant area of growth, as both the Erusian Union and the Global South countries seek to modernize their economies. Many Eurasian Union member states are major energy producers, and partnerships with Global South countries could focus on energy exports, joint ventures in resource extraction, and renewable energy projects.

This is why the Eurasian Union has been negotiating free trade agreements with several Global South nations, including Egypt and Indonesia, to serve as a model for future partnerships. Harmonizing trade procedures and reducing tariffs are critical steps to facilitate smoother trade between the Eurasian Union and the Global South countries.

Despite the challenges, prospects for cooperation between the Global South and Eurasian Economic Union remain promising. Economists say one of the key factors that could shape the future of this partnership include strengthening Trade Agreements. Andfinalizing and implementing free trade agreements with Global South nations will be crucial for deepening economic ties.

It is possible because both the Eurasian Economic Union and the developing countries share an interest in promoting a multipolar world order, an alternative to outdated models of international relations, and opens up new opportunities for global cooperation and development. This shared vision could drive closer political and economic cooperation.

This cooperation is a strategic necessity at this time and a moral choice aimed at a sustainable future for all the nations on earth. But the success of this cooperation will depend on the Eurasian Union’s ability to make itself an attractive partner for the Global South. And the willingness of developing countries to will a future for themselves now the western aid is drying up.

• Ibrahim writes from Kano