ASEAN–Russia Trade and Economic Relations: Prospects and Pathways

Abstract

Russia has been an ardent member of the East Asia Summit since 2010 and a full dialogue partner of ASEAN since 1996. The first ASEAN–Russia Summit was held in December 2005 in Kuala Lumpur. Since then, ASEAN–Russia relations have continued to deepen. ASEAN and Russia marked the 20th anniversary of their dialogue relations in 2016 with a commemorative summit in Sochi, Russia on 19–20 May 2016, with the theme of Moving Towards a Strategic Partnership for Mutual Benefit. During the summit, the leaders adopted the Sochi Declaration, which charts out the future direction of the ASEAN–Russia relationship and cooperation. Given the economic and geographical importance of ASEAN and Russia, it is expected that trade and economic relations will continue to grow beyond the current levels. The economic and geographical importance of ASEAN–Russia economic relations also show scope for further integration of trade and economic relations. Additionally, more integrated trade and value chain connectivity could be considered between ASEAN and the Eurasian Economic Union (EAEU), as both groupings are based on similar principles of economic relations. As the global economy seeks new channels of economic activity and cooperation, ASEAN and Russia are also seeking economic complementarities and measures to facilitate trade and investment between the two economies. At the request of Russia’s senior economic official, the Economic Research Institute for ASEAN and East Asia (ERIA) and the Center for Strategic Research at the Russian Foreign Trade Academy (RFTA) organised a joint seminar on 19 December 2017 in Moscow to discuss the strengths and possible areas of cooperation which will enhance and deepen trade and investment between two regions. A report on the outcomes of the seminar has been prepared to evaluate the various dimensions of economic cooperation between ASEAN and Russia. The report’s findings were presented at the ASEAN–Russia Senior Economic Officials Meeting in 2018.