Assessing potential for cooperation between the two blocs, Sergey Glazyev, Member of the Board – Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission, said that ASEAN is a region with high economic growth and rapid development of science and technology, which brings about many new development opportunities.

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He, therefore, proposed establishing a preferential trade area between the EAEU and ASEAN.

ASEAN Secretary-General Dato Lim Jock Hoi mentioned some trade figures between the two blocs such as two-way trade hitting 19.8 billion USD and EAEU investment in ASEAN reaching 68.5 million USD in 2019.

He suggested the two blocs intensify collaboration in digitalisation, sustainable development and green growth.

For his part, Russian Deputy Minister of Industry and Trade Alexey Gruzdev stressed the need for the two sides to diversify trade for sustainable development. He also proposed cooperating in automobile and aircraft manufacturing in a comprehensive manner combined with on-site assembly, and in health.

Indonesian Trade Minister Muhammad Lutfi affirmed that ASEAN is a market with great potential with 350 million people and a GDP of 3.3 trillion USD.

ASEAN wants to work with Russia in achieving breakthroughs in business and trade, he added.

SPIEF-2021 is taking place from June 2-5.

Source: VNA