BANGKOK (Pakistan Point News / Sputnik - 11th September, 2019) The trade turnover between Russia and the Association of South East Asian Nations' (ASEAN) grew by 7 percent in 2018 and amounted to $19.8 billion, Russian Economic Development Minister Maxim Oreshkin said on Tuesday.
"According to the 2018 data, the trade turnover between Russia and ASEAN amounted to $19.8 billion, an increase of 7% compared to the previous year," Oreshkin told reporters.
The minister was heading the Russian delegation, which on Monday and Tuesday participated in the Russia-ASEAN ministerial meeting on economic issues and the East Asia Summit, which were held in Bangkok.
Oreshkin noted that, despite the growth, the trade and economic relations between Russia and ASEAN still had a significant untapped potential.
"It is important to understand where we are in terms of relations with ASEAN countries. Yes, our turnover is growing well, but, in comparison with the existing market and with the opportunities that the ASEAN market has, we, of course, are not working to our fullest with the colleagues. This was the main question at our meetings in Bangkok: what needs to be done in order to unleash this potential," the minister said.
He added that he held bilateral meetings with the heads of the delegations from Myanmar, Cambodia, Indonesia, India and South Korea.
"In general, the visit was very positive, it seems to me, because such meetings are a unique opportunity to meet with a large number of countries from the region. Given the geographical remoteness of this region from Russia, at such events you can once again reach a common understanding and see how we are moving on certain projects," Oreshkin summed up.
ASEAN, established in August 1967 in Bangkok, is comprised of 10 member states � Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The organization's dialogue partners are Australia, Canada, China, the European Union, India, Japan, South Korea, New Zealand, Russia and the United States.
