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All news / Russia, ASEAN hail growing trade ties

  • 31 Aug 2015, 11:57

Russia’s Minister of Economic Development Alexei Ulyukayev met his counterparts from ASEAN member countries in Kuala Lumpur for the Fourth AEM-Russia Consultations. According to figures released after the meeting, Russia-ASEAN trade grew by 13 percent in 2014 to touch $22.5 billion.

Russia and the Association of Southeast Asian Nations (ASEAN) hailed growing trade ties after official statistics showed a rise of 13 percent in trade between Russia and the grouping in 2014, despite challenging global economic conditions.

Trade between Russia and ASEAN grew to $22.5 billion in 2014 from $19.9 billion, a year earlier. The figures were released after a meeting between the economic ministers from the ten ASEAN member states and Russia’s Minister of Economic Development Alexei Ulyukayev in Kuala Lumpur on Tuesday, August 25.  Ulyukayev co-chaired the Fourth AEM-Russia Consultations with Mustapa Mohamed, Malaysia’s Minister of International Trade and Industry.

In a joint statement, the ministers said they “were pleased to note the growth of trade between ASEAN and Russia.” ASEAN exports to Russia in 2014 increased by 3.3 percent, to $5.4 billion, while ASEAN’s imports from Russia grew by 16.5 percent year-on-year amounting to $17.1 billion in 2014. Russia was ASEAN’s eighth largest trading partner in 2014, according to the joint statement.

The ministers said they “endorsed the Post-2015 ASEAN-Russia Trade and Investment Cooperation Work Program,” adding that this would “deepen economic ties and enhance the trade and investment relationship between ASEAN and Russia.”

At the consultations, Russia submitted a revised list of 57 new projects to be annexed to the ASEAN-Russia Trade and Investment Cooperation Roadmap. Moscow and the grouping have identified technology, agriculture products, energy, and tourism, as they key areas for growth in bilateral trade.  Sources closes to the situation told RBTH that there were no discussions on greater integration between the ASEAN Economic Committee and the Eurasian Economic Union.

On Monday, August 24, Russia organized an ASEAN-Russia Workshop on E-Commerce in Cyberjaya.

Earlier this month, Russian Foreign Minister Sergey Lavrov participated in the ASEAN-Russia Ministerial Meetings and the ASEAN Regional Forum in Kuala Lumpur. At those meetings, Russia and ASEAN agreed to draft a five-year strategic document that identifies key areas of cooperation.

Moscow will host the jubilee Russia-ASEAN summit in 2016. Russia became a dialogue partner of ASEAN in 1996.