Moscow (VNA) – Vietnam stands ready to work as a bridge to help Russia aswell as the Eurasian Economic Union (EAEU) expand ties with the Association ofSoutheast Asian Nations (ASEAN), towards a trade and investment agreementbetween the two regions, a senior Vietnamese official said on September 4.

Deputy Prime Minister Trinh Dinh Dung said at a discussion within the fifthEastern Economic Forum in Russia’s Vladivostok city that during the tenure whenVietnam assumes the ASEAN Chairmanship, cooperation and economic, trade andinvestment links between the ten-member group and Russia, including the FarEastern region, are expected to experience new development orientations, contributingto peace, stability, development and prosperity in Asia-Pacific.

He reviewed milestones in cooperation between ASEAN and Russia and EAEU, withthe latest the signing of a memorandum of understanding on economiccollaboration between the grouping and the union on November 14, 2018.

The document has been seen as a dialogue foundation for the two sides todiscuss the possibility to expand cooperation across spheres, he said.  

Last year, trade between ASEAN and EAEU reached about 23.15 billion USD, up 15percent year-on-year. Among ASEAN member countries, Vietnam, Singapore,Thailand and Indonesia are the union’s major trade partners.

Trade between Vietnam and EAEU stood at 6.1 billion USD in 2018, a rise of 103percent as compared with 2016.

To maintain the annual growth pace of trade between ASEAN and EAEU at about25-30 percent, the Deputy PM suggested Vietnamese and Russian Governments joinhands in implementing measure packages to help businesses optimise taxincentives, while signing special agreements to reduce non-tariff barriersrelating to technologies and quarantine.

The two countries should utilise their mutual trust and close ties to supportthe partnership between ASEAN and EAEU, he said, noting that the fruitfulimplementation of the FTA between Vietnam and EAEU would encourage othercountries to develop a similar deal between ASEAN and EAEU.

At the discussion, both Veronika Nikishina, Minister in charge of Trade of the Eurasian EconomicCommission, and Alexander Shokhin, President of the Russian Union ofIndustrialists and Entrepreneurs, lauded Vietnam’s pioneer role in the signingof the EAEU-Vietnam FTA.

They suggested concerned sides maximise incentives brought about by theagreement, and deal with issues regarding transport and logistics.-VNA