ASEAN, Russia work to shore up supply chains

Hanoi (VNA) - ASEAN Economic Ministers joined an online consultation with Russia on August 28 as part of the 52nd meeting of the ASEAN Economic Ministers (AEM-52).

The consultation was chaired by Minister of Industry and Trade Tran Tuan Anh and Russia’s Deputy Minister of Economic Development Vladimir Ilichev.

Delegates from the two sides underlined the negative impact brought about by the unprecedented COVID-19 pandemic, which has dealt a blow to people’s lives and economic development in many countries in the region.

They pledged to continue working together to mitigate the impact of the pandemic on economic development, the macro-economy, and financial stability, through the opening of markets and investment, as well as ensure the flow of essential goods in the region, particularly in medical supplies, pharmaceuticals, and food.

They spoke highly of the effective implementation of the bilateral agreement between ASEAN and Russia.

Moreover, they reviewed the implementation of the Post-2017 ASEAN-Russia Trade and Investment Cooperation Work Programme.

They welcomed the achievements gained in the fields of agriculture, energy, infrastructure, financial services, and digital technology within the framework of the cooperation programme.

Delegates also agreed to strengthen cooperation in those fields, which is expected to help ASEAN enhance its competitiveness, technological development, and infrastructure.

They appreciated the implementation of a cooperation programme between ASEAN and the European Economic Community (EEC) on economic cooperation in 2019-2020.

The significance of bolstering connections between the economies of ASEAN and the Eurasian Economic Union (EAEU) was highlighted, in a bid to bring the two sides’ economic and trade potential into play.

Of note, the ministers said they highly valued the efficient collaboration between the Russia-ASEAN Business Council (RABC) and the ASEAN Economic Ministers’ Meeting (SEOM) on the sidelines of the ASEAN-EAEU meeting on economic integration held in Moscow last year, pinning hopes on future cooperation activities.

ASEAN figures show that total trade value between ASEAN and Russia reached 18.2 billion USD in 2019, accounting for 0.6 percent of ASEAN’s total.

FDI from Russia to ASEAN nations hit 45 million USD./.