Kan Zaw: Bilateral trade between ASEAN and Russia has reached $15.5bn



Kan Zaw: Bilateral trade between ASEAN and Russia has reached $15.5bn

This was announced by Myanmar’s Minister of Investment and Foreign Economic Relations on the sidelines of the Eastern Economic Forum

On Monday, 11 September, the Eastern Economic Forum (EEF) hosted the Russia-ASEAN Business Dialogue moderated by Ivan Polyakov, Chairman of the Russia-ASEAN Business Council.

The participants talked about the development of trade and economic cooperation between Russia and ASEAN member countries, as well as how Russia’s Far East could be of interest to ASEAN member states. The speakers also discussed mechanisms that could help realise the existing potential.

The launch of the India-Middle East-Europe international economic corridor and China’s One Belt, One Road initiative fit harmoniously into the concept of the Greater Eurasian Partnership. This was stated by the Chairman of the Russia-ASEAN Business Council, who moderated the business dialogue at the WEF.

According to him, one of the examples of the progressive development of “Great Eurasia” as a continental system of economic relations is the interaction between the EAEU and ASEAN. The involvement of dynamically developing ASEAN countries in large-scale initiatives of major geopolitical players complements and completes the formation of a new international architecture of economic relations in Eurasia, he emphasised.

In his turn, Sergey Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation, noted that banking services for all trade operations and direct air service are needed to realise the potential of trade and economic cooperation, tourism and entrepreneurship development between Russia and ASEAN countries.

“At the end of last year, 40 per cent of Russia’s foreign trade transactions were carried out in rubles. There is an opportunity to develop mutual trade and use national currencies,” he said.

Kan Zaw, Myanmar’s Minister of Investment and Foreign Economic Relations, said trade turnover between Russia and ASEAN countries has increased significantly.

“According to our statistics, bilateral trade between ASEAN and Russia has reached US$15.5 billion. Direct and foreign investment from the Russian Federation to ASEAN countries totals 159.9 million USD”

Kan Zaw Minister of Investment and Foreign Economic Relations of Myanmar

On the margins of the Eastern Economic Forum, Kan Zaw spoke in more detail about Russia-Myanmar cooperation.

“Especially we are studying the tourism and also some technological and production with the high technology. We are trying to enhance our trade and economic cooperation through the cooperation between our two countries. We started our direct flights from Yangon Mandalay to Novosibirsk 2 flights a week,” said the minister.

Michael Lopez Rama, Mayor of Cebu (Philippines), mentioned the need to launch direct flights between the cities of the Russian Federation and the Philippines: “Cebu and Vladivostok are sister cities, it is necessary to organise direct flights between them”.

The Philippines is considering the possibility of concluding a memorandum of understanding with the EAEU, said Philippine Ambassador to Russia Igor Bailen.

“We were happy to hear that on the margins of the St Petersburg International Economic Forum (SPIEF), Myanmar signed a memorandum of cooperation with the Eurasian Economic Commission. The Philippines is also studying a related proposal. And we are seriously considering joining our other ASEAN partners to sign a similar agreement with the EAEU,” said Bailen during the Russia-ASEAN Business Dialogue.

The 8th Eastern Economic Forum is taking place in Vladivostok on 10-13 September.

Photo: Russia-ASEAN Business Council




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