1. Economic Ministers from the ten ASEAN Member States and the Minister of Economic Development of the Russian Federation met on 25 August 2015 in Kuala Lumpur, Malaysia for the Fourth AEM- Russia Consultations. The Consultations were co-chaired by H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry of Malaysia and H.E. Alexey V. Ulyukaev, Minister of Economic Development of the Russian Federation.
2. The Ministers were pleased to note the growth of trade between ASEAN and Russia. Total trade between ASEAN and Russia recorded an increase of 13 per cent, from USD 19.9 billion in 2013 to USD 22.5 billion in 2014. ASEAN exports to Russia increased by 3.3 per cent, from USD 5.2 billion to USD5.4 billion over the same period. ASEAN’s imports from Russia also grew by 16.5 per cent year-on-year amounting to USD 17.1 billion in 2014. Russia was ASEAN’s eighth largest trading partner in 2014.
3. The Ministers noted the progress of the ASEAN-Russia Trade and Investment Cooperation Work Programme and were pleased with the implementation of various activities under the Work Programme, including the annual AEM-Russia Consultations, the 7th SEOM-Russia Consultations, and various projects on technology, agriculture products, energy, and tourism.
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