EAEU proposes moving to new level of cooperation with ASEAN

The Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN) need to take their cooperation to a new level: whereas previously interaction took place mainly through business structures and in a bilateral format between participating countries, it is now possible to move to a higher level of dialogue, where key issues will be discussed at the level of heads of state. This opinion was expressed by Eldar Alisherov, Member of the Board (Minister) for Integration and Macroeconomics, Eurasian Economic Commission.

He made this statement at the EAEU-ASEAN session of the St. Petersburg International Economic Forum (SPIEF). The session was moderated by Ivan Polyakov, Chairman of the Russia-ASEAN Business Council and Chairman of TV BRICS.

Alisherov recalled that there are many mechanisms for cooperation between the two associations. For example, in 2023, the EAEU Days in ASEAN and ASEAN Days in the EAEU were launched. A similar event is planned for the end of this year in Moscow.

"If businesses learn more not only about opportunities and problems, but also convey this information to our platform, we will be able to discuss with government structures how to resolve these issues in order to help the business sector of our countries overcome barriers, increase trade flows and investment," he said.

Speaking about the prospects for cooperation with the EAEU, Lao Deputy Prime Minister Saleumxay Kommasith emphasised the great potential between the associations. According to him, ASEAN is one of the world's largest markets, while the EAEU has rich resources and a large population. Kommasith added that it is now necessary to find new niches and directions for expanding ties.

In turn, Myanmar's Minister for Investment and Foreign Economic Relations Kan Zaw said that the two regions can play a key role in ensuring sustainable development, given ASEAN's strategic priorities and the needs of the EAEU. He named the transport industry, trade, agriculture, and the digital economy as key areas of cooperation.

In addition, Deputy Secretary General for ASEAN Economic Community Satvinder Singh delivered a video address. He cited statistics showing that trade between the associations is expected to reach US$19.7 billion in 2024. According to him, direct investment from the EAEU to ASEAN has also grown, indicating a growing interest in the association's market.

Cooperation between the Eurasian Economic Union and the Association of Southeast Asian Nations has been actively developing since 2018, when a Memorandum of Understanding on economic cooperation was signed.

Photo: SPIEF