St. Petersburg International Economic Forum discusses promoting EAEC

According to a VNA reporter reporting from St. Petersburg, on June 15, at the 26th St. Petersburg International Economic Forum (SPIEF) in the northern capital of Russia, a business dialogue session between the Eurasian Economic Community (EAEC) and the Association of Southeast Asian Nations (ASEAN) took place.

Governor of St. Petersburg Alexander Belgov delivers the opening speech at the 26th St. Petersburg International Economic Forum. Photo: VNA

2023 marks the fifth anniversary of the signing of the Memorandum of Understanding between the Eurasian Economic Commission and ASEAN on Economic Cooperation, as well as the fifth anniversary of the Russia-ASEAN Strategic Partnership. This EAEC-ASEAN Dialogue aims to create additional impetus to strengthen and diversify cooperation in all areas of the economic and trade agenda, including the circular economy, energy efficiency, industry, food security, logistics, digital technologies and tourism .

The dialogue was attended by Mr. Sergey Glazyev, member of the Council (Minister) on Integration and Macroeconomics, Eurasian Economic Commission, Mr. Vladimir Ilyichev, Deputy Minister of Economic Development of the Russian Federation, Mr. Evgeny Zagainov, Permanent Representative of the Russian Federation to ASEAN (attending online); Mr. Satwinder Singh, Deputy Secretary General of ASEAN, Mr. Kang Zo, Minister of Investment and Foreign Economic Relations of Myanmar. Representatives of the Vietnam Trade Office in the Russian Federation as well as the Vietnam Business Association in the Russian Federation also attended.

At the dialogue session, the speakers all affirmed the great potential for economic cooperation between the EAEC and ASEAN. Mr. Glazyev said that for the EAEC, ASEAN is the most important partner in terms of the system of agreements. However, the low bilateral trade turnover shows that there is still a lot of potential and development opportunities between the two blocs, and it is necessary to convert these potentials into practical results. Russia's pivot to the East and the South has not yet had any impact on ASEAN member countries. Mr. Glazyev said that one of the current limitations affecting trade between the two blocs is the payment issue. To solve this problem, he proposed payment in local currencies, or by issuing gold-standard cryptocurrencies. However, Mr. Glazyev said that the most important thing is for businesses to increase information and understanding of each other's fields.

For his part, ASEAN Deputy Secretary General Satwinder Singh affirmed that this discussion session is an important foundation for the two sides to promote increased cooperation in many areas. Mr. Singh mentioned three directions for enhancing cooperation between the two blocs. The first is energy security, because by 2025, ASEAN will become a net importer of gas and coal. ASEAN can also cooperate with EAEC in the field of renewable energy technology to effectively utilize energy resources. The second area that can be developed in cooperation is digital technology , because this industry can help increase the GDP of member countries. Mr. Singh also proposed implementing digital trade between the two blocs' member countries to move towards a trade that does not require "paper documents". The third area of cooperation is agricultural products and food, cooperation between the two blocs in this area, as well as processing and preservation technologies of agricultural products and food, can help ensure food security in the world.

For his part, Russian Deputy Minister of Economic Development Evgeny Zagainov said that ASEAN and its member states have a significant position in Russia's pivot strategy to the East. Mr. Zagainov said that over the past year he has participated in large Russian delegations to Indonesia, Vietnam, Cambodia, Thailand, and Myanmar to promote trade. He affirmed that ASEAN is an important market for Russia due to its high economic growth rate, large population, and large and attractive consumer market. Mr. Zagainov also paid attention to the tourism sector, which also has a lot of potential for people in both blocs.

According to VNA

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