Russia Boosts Imports from ASEAN by 70% in a Decade
Quick Look
- Russia's imports from ASEAN countries have surged by 70% over the last ten years, reaching $21 billion in trade turnover.
- Minister Maxim Reshetnikov highlighted purchases of agricultural raw materials, machinery, and vehicles, achieved despite challenging global conditions and WTO principle erosion.
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Why It Matters
Russia has increased imports from ASEAN countries by 70% over the past decade, with trade turnover reaching $21 billion. This growth was achieved under challenging global conditions.
KAZAN, June 17. /TASS/. Russia has increased the volume of imports from ASEAN countries by 70% over the past decade, Russian Economic Development Minister Maxim Reshetnikov said at the plenary session of the Russia-ASEAN Business Forum.
"Over the past ten years, we have increased imports from ASEAN countries by 70%. We actively purchase agricultural raw materials, machinery, equipment, vehicles, chemical products, textiles, clothing, and footwear," he said.
The Russian economic development minister also noted that trade turnover between Russia and ASEAN countries has increased by 53% over the past decade, reaching $21 bln.
"These results are all the more valuable because we have achieved them under challenging conditions. Global changes, high uncertainty, and the erosion of the fundamental principles of the World Trade Organization all create challenges," Reshetnikov said.
According to the minister, Russia, like ASEAN countries, continues to operate in accordance with the multilateral rules of the World Trade Organization.
"We do not use instruments of hidden protectionism, whether through the climate agenda or any other mechanisms that restrict access to technology and competition," he stressed.
TASS is the information partner of the Russia-ASEAN Business Forum.
Open Questions
- Specifics of 'hidden protectionism' instruments.
- Future outlook for Russia-ASEAN trade.
