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03 June 2021, 18:27

Glazyev: Eurasian Economic Union prepared to consider preferential trade regime ASEAN

MOSCOW, 3 June (BelTA) – The Eurasian Economic Union may implement a preferential trade regime not only with individual member states of the Association of Southeast Asian Nations but also with the ASEAN as a whole, Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergei Glazyev said at the EAEU– ASEAN business dialogue which took place on the sidelines of the St. Petersburg International Economic Forum.

Sergei Glazyev stated that the Association of Southeast Asian Nations is the most active, promising and strategically important partner among all regional associations with which the EAEU interacts. “In my opinion, ASEAN is close to an optimal integration structure, with minimum formalities and bureaucracy," he said. “At the same time, there is a high complementarity and connectivity of economies, great rates of development and robust use of advanced technologies in foreign trade. We have good contacts with many ASEAN countries, but have formalized the cooperation on the basis of memorandums. The EAEU has signed free trade agreements with Vietnam and Singapore."

The EEC minister recalled that the strategic guidelines of the development of Eurasian economic integration until 2025 envisage high growth in mutual trade with the ASEAN countries. “Our integration associations are so mature and developed that we are willing to consider launching the preferential trade regime between the two integration associations: the EAEU and ASEAN,” Sergei Glazyev said.

ASEAN Secretary General Lim Jock Hoi, for his part, stressed that the interaction between the EAEU and ASEAN has strengthened. He urged to tap deeper into the growth potential and to create opportunities for direct business links. "Digitalization and sustainable growth are key areas in post-pandemic economic recovery. They make a strategic basis for future development," the ASEAN secretary general said.

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