1. The Third ASEAN Economic Ministers (AEM)‐Russia Consultations were held on 28 August 2014 in Nay Pyi Taw, Myanmar. The Consultations were co-chaired by H.E. Dr. Ka Zaw, Union Minister for National Planning and Economic Development of Myanmar and H.E. Alexey V. Ulyukaev, Minister of Economic Development of the Russian Federation.
2. The Ministers were pleased with the growth of trade and investment between ASEAN and Russia from 2012 to 2013. Bilateral trade between ASEAN and Russia recorded an increase of 9.9%, from US$18. billion in 2012 to US$19.9 billion in 2013. ASEAN exports to Russia increased by 7.5%, from US$4.9 billion to US$5.2 billion over the same period. ASEAN’s imports from Russia also grew by 10. 7% year-on-year amounting to US$14.7billion in 2013. Russia’s foreign direct investment flows into ASEAN have been growing rapidly, and nearly tripled in the past year, reaching US$540 million in 2013.
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