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Source: Ministry of Economic Development (Russia) – An important disclaimer is located at the bottom of this article.

? In 2023, Russia made a breakthrough in expanding cooperation with the countries of Southeast Asia – both in bilateral and multilateral formats. Deputy Minister of Economic Development of Russia Vladimir Ilyichev announced this during a meeting of the Commission on Foreign Economic Activity of the Public Council under the Ministry of Economic Development of Russia, dedicated to summing up the results of work for 2023.

“In January-November 2023, an increase in trade turnover with ASEAN countries was recorded. These indicators have already exceeded the figures for the entire 2022,” the deputy minister emphasized. – There was a record increase in trade turnover with individual ASEAN countries. In January-November 2023, trade with Myanmar increased by 167%, with Singapore by 112%. We also note positive dynamics in trade with such countries as Laos – an increase of 17%, Cambodia – by 15%, Vietnam – by 8%.”

Such high results in 2023, he said, were largely achieved thanks to the removal of barriers to the export of Russian wheat to Vietnam, Myanmar and Indonesia, as well as through the removal of barriers to the export of fertilizers to Vietnam.

Vladimir Ilyichev generally noted the ongoing trend of reorienting Russia’s foreign economic activity towards cooperation with friendly countries. Within the CIS, the participating countries signed an Agreement on free trade in services, establishment, activities and investment. The agreement is intended not only to help increase investment cooperation and mutual trade in services, but also to stimulate the development of commodity trade between countries.

Last year we also signed a Free Trade Agreement with Iran. It will allow us to redirect our trade flows. Tariff preferences fixed in the agreement cover more than 95% of Russian supplies to Iran. The agreement also contains systemic obligations of the parties that create a predictable regulatory environment for Russian suppliers in Iran. Iran is not a member of the WTO, but, under the terms of the agreement, will follow the basic rules of this organization.

As part of the ministry’s work to form new and modernize existing investment protection agreements with India, Saudi Arabia, Congo and China, as well as within the framework of negotiations on agreements on the creation of free trade zones with Indonesia, the UAE and Egypt. Reacting to the growing interest of business circles in the markets of these countries, the Russian-Chinese Business Forum (May); International Economic Forum “Russia – Islamic World: KazanForum 2023” (May); 2nd Russia-Africa Summit and Economic and Humanitarian Forum (July), etc.

“By the end of 2023, the share of friendly countries in Russia’s foreign trade is more than 75%. Promising partners in this direction are China, India, the countries of the EAEU and the CIS, some countries of Southeast Asia, Latin America, the Middle East and Africa. Separately, I would like to note the early achievement of the goal of increasing bilateral Russian-Chinese trade in goods and services to $200 billion by 2024,” the deputy minister cited the data.

Vladimir Ilyichev called Russia’s accession to the UN Framework Agreement to Facilitate Paperless Trade Procedures with partners in the Asia-Pacific region one of the most important achievements of the past year. Work on further implementation of the agreement will allow Russia to participate in shaping the rules of the game in the field of electronic commerce in the region, bring together legal and technical approaches to the exchange of electronic documents and trade data with friendly countries, and also resolve the issue of mutual recognition of these documents in the cross-border space.

The Deputy Minister noted the work to promote Russia’s interests in the world market in the context of global political pressure. Thus, through cooperation with APEC, despite pressure from the American side, the final documents reflect Russia’s positions on supporting the multilateral trading system, simplifying trade procedures, and strengthening value chains.

Among the key successes within the framework of innovative cooperation with the SCO, BRICS and G20 countries, the Russian Ministry of Economic Development managed to form and scale a mechanism for attracting investment in Russian startups. The Ministry is carrying out extensive work to inform and motivate representatives of Russian startups to take advantage of specialized multilateral programs to support technology entrepreneurs.

“As part of our work, we continue to provide comprehensive support to small technology companies from Russia to enter international markets,” the deputy minister emphasized. “More than 20 Russian companies took part in the initiatives of the G20, BRICS and SCO countries with the involvement of investors, potential partners and representatives of foreign development institutions.”

Vladimir Ilyichev particularly noted the ministry’s work in defending Russian interests within the framework of the climate agenda at the sites of the UN Framework Convention on Climate Change, the G20, APEC, SCO and other international associations.

“From January 1, 2024, Russia accepted the chairmanship of BRICS for the coming year. Specialists from the Russian Ministry of Economic Development have prepared the concept of the BRICS Contact Group on Climate and Sustainable Development, making the main bet that the creation of this mechanism will help solve collective problems in the fight against climate change, he said. – We continue to build mutually beneficial bilateral dialogue on climate issues with priority partners. We are currently working on a regulatory framework to launch practical cooperation with seven foreign countries.”

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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