The Association of Southeast Asian Nations (ASEAN) and Russia have emphasized the need to further deepen their bilateral economic relations to quicken their post-Covid-19 pandemic economic recovery, according to a joint statement.
The remarks were made on Friday during the 11th ASEAN-Russia Economic Ministers Consultation in northwest Cambodia’s Siem Reap province, co-chaired by Cambodian Commerce Minister Pan Sorasak and Vladimir Ilyichev, Russia’s Deputy Economic Development Minister.
The two-way trade between ASEAN and Russia amounted to $20 billion last year, up 27.3 percent from 2020, the statement said, adding that the bilateral foreign direct investment (FDI) amounted to $1.7 billion, Xinhua news agency reported.
It said Russia is ASEAN’s ninth largest trading partner and source of FDI among ASEAN dialogue partners in 2021.
The meeting noted that the post-Covid-19 economic recovery remains vulnerable to adverse global economic developments such as rising global food and energy prices that have caused rising global inflation.
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The meeting “emphasized the need to further deepen ASEAN-Russia bilateral economic relations to promote cooperation in addressing comprehensive post-pandemic recovery, by sustaining open market to navigate the supply chain disruption, reinforcing trade and investment, and supporting safe and seamless mobility,” the statement said.
Speaking at a press conference at the end of the meeting, Cambodian Ministry of Commerce’s Undersecretary of State and Spokesman Penn Sovicheat said the meeting also highlighted the need to strengthen cooperation in a digital and sustainable economy, which could play an important role in facilitating trade for post-pandemic recovery.
He said the meeting welcomed the progress in the implementation of the ASEAN-Russia Trade and Investment Work Programme 2021-2025.
“The meeting encouraged ASEAN and Russia to continue implementing the work program effectively and to focus further on ASEAN-Russia’s priority areas of cooperation that are critical to economic integration between the regions and to post-pandemic recovery efforts such as digitalization, energy transition, green infrastructure, and supply chain resilience,” Sovicheat added.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
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