Opening the World of Opportunities: Russia and ASEAN Countries Focus on Expanding Mutual Trade

The first day of the international business forum “World of Opportunities: Russia-ASEAN” was dedicated to economic cooperation among the region's countries. Speakers of the main session emphasized that global transformational processes demand diversification of trade and stronger business collaboration.

Organized by the Roscongress Foundation, the forum is supported by the Russian Ministry of Industry and Trade and the Russian Trade Mission in Malaysia.

According to the Russian Ministry of Industry and Trade, trade turnover between Russia and ASEAN reached approximately $17 billion in the first part of 2024 alone.

"Despite significant sanctions barriers, Russian businesses have successfully adapted. Trade turnover with ASEAN countries grew by 10% compared to last year. However, challenges such as diversifying trade and addressing tariff barriers remain," Deputy Minister Aleksey Gruzdev noted.

Russia's exports to ASEAN now include not only traditional energy resources but also pharmaceuticals, chemical products, agricultural goods, fertilizers, and IT solutions. Small and medium enterprises (SMEs) play a crucial role in advancing these relationships, said Alexander Stuglev, Chairman of the Roscongress Foundation.

The Ministry of Economic Development reported that trade turnover between Russia and ASEAN grew by 14.6% in 2023, reaching a record high, and continued rising by 20.5% in the first half of 2024. Events such as the Eastern Economic Forum and the St. Petersburg International Economic Forum (scheduled for June 18–21, 2025) provide platforms for businesses to discuss strategies, attract investors, and establish partnerships.

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Deputy Director of Malaysia’s External Trade Development Corporation (MATRADE), Abu Bakar Yusof, highlighted Malaysia's annual trade volume is exceeding $500 billion and expressed optimism about potential collaborations, particularly in renewable energy and other diversified sectors.

Daniyar Akkaziev, Executive Director of the Russia-ASEAN Business Council, remarked on the mutual commitment to economic integration.

"Russia is actively developing relations with ASEAN countries and promoting integration of our economies. ASEAN is the fifth-largest economy in the world, with an average annual GDP growth rate of 4-5%. Over the years, the Russia-ASEAN dialogue partnership has proven its viability and resilience, as it was initially built on principles of mutual benefit and respect. Issues such as the transition to low-carbon energy, the circular economy, digital transformation, support for mutual investments, and scientific-humanitarian cooperation are on the agenda of our collaboration. We are confident that the forum will help unlock the trade potential between our countries," emphasized Daniyar Akkaziev.