After 6 years of establishing the Russia – ASEAN strategic partnership, ASEAN – Russia economic cooperation has witnessed many important changes and developments.

Economic relations between the Association of Southeast Asian Nations (ASEAN) and the Russian Federation have made significant progress, despite the volatile international context and sanctions imposed on Russia by the West. This cooperation not only reflects common economic interests but also affirms the importance of a sustainable and flexible multilateral partnership in the face of global challenges.

History of ASEAN-Russia Economic Cooperation

Relations between ASEAN and the Russian Federation were established in 1996 when Russia officially became a dialogue partner of ASEAN. Since then, the two sides have continuously expanded cooperation, especially in the economic and trade fields. An important milestone was in 2010, Russia joined the East Asia Summit (EAS), marking its increased commitment to the ASEAN region.

In 2016, the two sides celebrated the 20th anniversary of the establishment of dialogue partnership through the ASEAN-Russia Summit in Sochi, Russia. At this summit, the "Sochi Declaration" was adopted, affirming the determination to strengthen economic cooperation, promote free trade and investment. In 2021, the two sides continued to sign the ASEAN-Russia Comprehensive Plan of Action 2021-2025, orienting cooperation development in many areas, including trade, energy, technology and innovation.

Development Despite Challenges

Amidst economic sanctions against Russia from the West, ASEAN and Russia have maintained strong cooperation, as evidenced by the increase in bilateral trade turnover. According to recent figures, trade between the two sides reached more than 20 billion USD in 2022, with key sectors such as energy, agriculture, and technology. Previously, in just 5 years, from 2016-2021, bilateral trade turnover between Vietnam and the Russian Federation doubled in value, reaching 5.5 billion USD in 2021, corresponding to an average growth of 15%/year.

Russia has taken advantage of its relationship with ASEAN to diversify its market and reduce its dependence on traditional partners. Many major cooperation projects have been implemented, including the supply of liquefied natural gas (LNG) to ASEAN countries and cooperation in developing digital infrastructure. In turn, ASEAN also sees Russia as an important partner in ensuring energy and technological security. Multilateral initiatives, such as the East Asia Economic Forum and the ASEAN-Russia Expo, have facilitated businesses from both sides to access new cooperation opportunities. In addition, Russia has actively participated in ASEAN mechanisms, such as the Regional Comprehensive Economic Partnership (RCEP), thereby expanding the network of cooperation.

Future Outlook

Despite many challenges, including pressure from sanctions and global economic fluctuations, ASEAN-Russia relations have the potential to continue to grow. The two sides are focusing on areas such as green energy transition, innovation and sustainable development – ​​priorities that are in line with current global trends. ASEAN and Russia, with a spirit of close cooperation, have not only demonstrated their ability to overcome barriers but also built a flexible multilateral cooperation model, contributing to peace, stability and prosperity in the region and the world.