1. The First AEM-Russia Consultations were held on 24 August 2010 in Da Nang, Vietnam. The Meeting was co-chaired by H.E. Dr. Vu Huy Hoang, Minister of Industry and Trade of Viet Nam, and H.E. Elvira Nabiullina, Minister of Economic Development of the Russian Federation.

2. Ministers welcomed the first AEM-Russia Consultations and expressed hope that the Consultations will provide the catalyst for expanding ASEAN-Russia trade and economic relations. Ministers exchanged views on the current developments affecting regional and global trade and noted that, that the total trade between ASEAN and Russia declined in 2009 compared with 2008 mainly as a result of the global crisis as both ASEAN and the Russian Federation are emerging economies. Ministers however also noted that despite the decline the trade value in 2009 is still higher than the pre-crisis level.

3. Ministers were pleased to note that the global crisis did not affect foreign investment flows from Russia, which grew significantly last year. Ministers noted that despite the global crisis, investment flows from other emerging regions have become more significant compared to those coming from the developed economies.

4. Ministers exchanged views on the various proposals to enhance ASEAN-Russia economic cooperation. Ministers agreed that it would be in the best interest of both ASEAN and Russia to enhance economic cooperation. Encouraged by the reinvigoration of consultations at the Senior Economic Officials level, Ministers agreed that the SEOM-Russia Consultations would be the main body for coordinating economic cooperation projects and activities. Ministers tasked Senior Economic Officials to look into the various proposals, including establishment of a Joint Expert Group that would include business sector representatives to develop a comprehensive economic cooperation roadmap, and submit their recommendations at the next AEM-Russia Consultations.

5. Ministers looked forward to the Second ASEAN-Russian Federation Summit, to be held in Viet Nam in October 2010, where a Joint Statement of the Second ASEAN-Russian Federation Summit will be adopted by the Leaders. Ministers agreed to meet again for the 2nd AEM-Russia Consultations in August 2011.

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LIST OF MINISTERS

1. Dato Paduka Lim Jock Hoi, Permanent Secretary, Ministry of Foreign Affairs and Trade, Brunei Darussalam

2. H.E. Cham Prasidh, Senior Minister and Minister of Commerce, Cambodia

3. H.E. Mari Elka Pangestu, Minister of Trade, Indonesia

4. H.E. Nam Viyaketh, Minister of Industry and Commerce, Lao PDR

5. H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry, Malaysia

6. H.E. U Soe Tha, Minister for National Planning and Economic Development, Myanmar

7. H.E. Gregory L. Domingo, Secretary of Trade and Industry, the Philippines

8. H.E. Elvira Nabiullina, Minister of Economic Development, Russian Federation

9. H.E. Lim Hng Kiang, Minister for Trade and Industry, Singapore

10. H.E. Porntiva Nakasai, Minister of Commerce, Thailand

11. H.E. Vu Huy Hoang, Minister of Industry and Trade, Viet Nam

12. H.E. Surin Pitsuwan, Secretary-General of ASEAN