ASEAN-Russia trade sets new record for second consecutive year

Trade between Russia and the Association of Southeast Asian Nations (ASEAN) reached a record high for the second year in a row, increasing by 5.8 per cent. Over the past decade, the overall volume of trade has grown by 70 per cent, as reported by the official website of the Ministry of Economic Development of the Russian Federation.

The figures were announced during the 14th Russia–ASEAN Economic Ministers’ Consultations in Kuala Lumpur. According to the source, Russian direct investment flows into ASEAN rose by 20.8 per cent in 2024, while mutual tourism reached more than 2 million visits, a 21 per cent increase compared with 2023.

Representatives of the Eurasian Economic Commission also presented results of the EAEU–ASEAN Cooperation Programme for 2021–2025. A new 2026–2030 plan was adopted, focusing on competition policy, industry, agriculture, and transport, with particular emphasis on sustainability, digitalisation, and technological innovation.

In parallel, Russian delegates took part in the East Asia Summit economic consultations, underlining ASEAN’s role in fostering regional sustainable development. Discussions addressed opportunities for boosting Russian exports of energy, agricultural products and metals, as well as advancing cooperation in high-technology fields such as telemedicine, electric transport, and smart city solutions.

On the sidelines of the consultations, bilateral meetings were held with representatives of Laos and Malaysia. Talks covered expanding trade, strengthening financial and banking cooperation, enhancing transport and logistics, boosting tourism and preparing for upcoming intergovernmental commissions.

Photo: TimArbaev / iStock