The Fifth EAEU-ASEAN Business Dialogue has discussed opportunities for EAEU and ASEAN cooperation in the new economic reality and prospects for the implementation of infrastructure projects that would promote trade and economic ties between the member states of the two integration alliances.

It was held on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday 15 June. 

The year 2023 marks the fifth anniversary of the signing of the Memorandum of Understanding between the Eurasian Economic Commission and the Association of Southeast Asian Nations on Economic Cooperation, as well as the fifth anniversary of the ASEAN-Russia Strategic Partnership.

The event was moderated by Ivan Polyakov, Chairman of the Russia-ASEAN Business Council. In his opening remarks, he stressed that full-fledged cooperation between the EAEU and ASEAN was among the priorities of the Eurasian Economic Union’s international activities.

For his part, Sergey Glazyev, a member of the Eurasian Economic Commission (EEC) board (minister) on integration and macroeconomics, said ASEAN is the most significant partner for the EEC in terms of the network of contractual legal relations.

“With almost all ASEAN countries, we either have memorandums of cooperation and plans for joint work, or there are free trade zones, where there are permanent mechanisms for information exchange, discussion of controversial issues, and docking of regulatory mechanisms.”

He also outlined what should be considered. First of all, he discussed the transition to the national currency in the calculations.

The board member called for a closer exchange of information – the business community should study the markets of ASEAN states.

Satwinder Singh, ASEAN Deputy Secretary General, said the ongoing dialogue was a key platform to re-launch and promote cooperation between the two integration associations on different fronts:

“Our efforts are part of stimulating business activity between our associations on various fronts, infrastructure projects. We should strengthen cross-border cooperation, share practices, experience.”

He added that despite the difficulties in global trade, trade turnover between the regions continues to grow. There is great demand for basic commodities, fuel, machinery, equipment including mechanical devices. Singh also listed priority areas for further cooperation between the EAEU and ASEAN.

“We need to focus on investment in agriculture, innovation, food and food production. Our trade has huge prospects for expansion,” he stressed.

Kan Zaw, Minister of Investment and External Economic Relations of the Republic of the Union of Myanmar, spoke about how the relationship between Myanmar, Russia and the EAEU is developing.

“In March 2023, a seminar on digital transformation in the EAEU and ASEAN was held. I would also like to highlight the success of the past EAEU-ASEAN Business Dialogue and the Russia-ASEAN Business Dialogue that took place in 2022. It is very important to develop practices of mutual exchange through consultations on international platforms. We need to create additional spaces to encourage private sector participation in the exchange of best practices, develop the business environment in ASEAN and EAEU countries and connections between businesses, and attract investment,” he said.

The minister stressed the importance of cooperation in digital technologies and the development of a circular economy.

The Russia-ASEAN Business Council was established by the Russian Chamber of Commerce and Industry. It provides practical assistance to the business communities of Russia and ASEAN countries in the development of multi-vector trade, economic and investment cooperation.

AT News (African Times) has published this article in partnership with international media network, TV BRICS. https://tvbrics.com/en/news/participants-of-the-eaeu-asean-business-dialogue-discuss-priority-areas-for-cooperation/