The 26th St. Petersburg International Economic Forum (SPIEF) kicks off in St. Petersburg, Russia on June 14. (Photo: Xinhua/VNA)

St. Petersburg – A business dialogue between ASEAN and the Eurasian Economic Union (EAEU) was held on June 15 in the framework of the 26th St. Petersburg International Economic Forum (SPIEF) in Russia.

The year 2023 marks the 5th anniversary of the signing of the Memorandum of Understanding between ASEAN and the EAEU on economic cooperation, as well as the 5th anniversary of the ASEAN-Russia Strategic Partnership.

The ASEAN-EAEU dialogue on June 15 aimed at creating additional impetus to strengthen and persify cooperation in all areas of the economic and trade agenda, including the circular economy, energy efficiency, industry, food security, logistics, digital technology and tourism.

At the dialogue, speakers all affirmed the great potential of economic cooperation between ASEAN and the EAEU.

Member of the Board – Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission Sergey Glazyev said that for the EAEU, ASEAN is the most important partner in terms of the system of agreements. However, the low bilateral trade turnover shows that there are great potential and many development opportunities between the two blocs, and it is necessary to convert these potentials into actual results.

One of the limitations affecting trade exchanges between the two blocs is the issue of payment, he said, proposing making payment in local currency, or by developing gold standard electronic currency. However, Glazyev said that the most important thing is that businesses should get more information and increase understanding of each other.

Deputy Secretary-General for the ASEAN Economic Community for 2021-2024 Satwinder Singh suggested three directions to strengthen cooperation between the two blocs, namely energy security, digital technology, and agricultural products and food processing.

Russia’s Deputy Minister of Economic Development Evgeny Zagainov said that ASEAN and its member countries have a significant position in the pivot strategy of Russia - the most important member state in the EAEU.

Zagainov said that within the past year, he has joined Russian delegations to Indonesia, Vietnam, Cambodia, Thailand, and Myanmar to promote trade.

ASEAN is an important market for Russia due to its high economic growth rate, large population, which lead to a large and attractive consumer market, he said, adding that the tourism sector also has a lot of potential for people of both blocs.