Asean-Russia boost trading and investment expansion
Asean-Russia boost trading and investment expansion
Asean and Russia have continued to expand their cooperation on trading and investment as well as facilitating business exchanges in enhancing trade and economic relations between Asean and Russia.
Laos hosted the fifth Asean Economic Ministers (AEM)-Russia Consultation last week as part of the 48th Asean Economic Ministers' Meeting and Related Meetings in Vientiane to discuss trade and investment.
The gathering was attended by Economic Ministers from the ten Asean Member State and Minister of Economic Development of the Russian Federation.
The consultations were co-chaired by Minister of Industry and Commerce, Mrs Khemmani Pholsena and Minister of Economic Development of the Russian Federation, Mr Alexey V. Ulyukaev.
Asean's total trade with Russia last year reached US$13.4 billion, accounting for 0.6 percent of Asean total trade, according to the Asean trade statistics.
Meanwhile total trade between Asean and Russia recorded in 2014 reached US$22.5 billion and Russia remained Asean's eighth largest trading partner.
ASE AN exports to Russia increased by 3.3 percent, from US$5.2 billion in 2013 to US$5.4 billion in 2014 but there was no report for last year. Asean's imports from Russia also grew by 16.5 percent year-on-year amounting to US$17.1 billion in 2014.
At the meeting, leaders had set out possible future directions for economic cooperation between Asean and Russia in the areas of trade and investment, finance, e-commerce, transport, energy, agriculture, and maritime economy including addressing illegal, unreported and unregulated fishing, science and technology and business cooperation and promotion.
Ministers instructed senior economic officials of Asean and Russia to further discuss Russia's proposal to establish an Asean-Russia economic partnership on connectivity.
The M inisters also noted Russia's proposal to launch a joint feasibility study of possible free trade areas between Asean and the Eurasian Economic Union.
Ministers were also pleased to note that the Aean-Russia Agriculture Security Cooperation Work Programme and the Asean-Russia Plan of Action on Science Technology and Innovation, and the Asean-Russia Energy Cooperation work Pl an 2016-2020 have been agreed by Asean and Russia.
They hoped that the implementation of these work programmes or work plans will further enhance the economic relations between the two regions.
The ministers have agreed to further implement activities in different areas to contribute to the sustainable development of Asean and Russia as well as to boost cooperation in economic terms.
The ministers have also directed their own senior officials to further consult and seek possible avenues of cooperation and organise activities of mutual benefit.
Cooperation between Laos and Russia will continue to be expanded.
The trade volume between the two countries has increased in recent years, from US$12 million in 2011 to reach US$38.9 million in 2013, of which Lao imports from Russia were US$37.4 million and exports were US$1.5 million.
