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Russia: 'Untapped' potential between ASEAN and Russia00:54

Russia: 'Untapped' potential between ASEAN and Russia

Russian Federation, St. Petersburg
June 22, 2013 at 13:49 GMT +00:00 · Published

Russia: 'Untapped' potential between ASEAN and Russia

Officials from the Association of Southeast Asian Nations (ASEAN) met with Russian economic and commercial officials on the sidelines of the Saint Petersburg International Economic Forum (SPIEF) on Saturday. Members from both sides spoke of the ability to substantially grow relations from an economic perspective.

Russia has made significant efforts to diversify its energy portfolio outside of its traditional European market. State owned oil company Rosneft signed an 'unprecedented' oil deal with China National Petroleum Corporation on the sidelines of SPIEF, estimated to be worth $270 billion (€205.5 bn).

However, Russia's economic relations with ASEAN have plenty of room for growth. Finance Secretary of the Phillipines Cesar Purisimo commented on the relationship, saying: "I believe that there is substantial potential between ASEAN and Russia that has not yet been tapped. As has been pointed out by the first speaker, our trade between each other represents, from the ASEAN standpoint, represents less than one per cent, and from the Russian standpoint, represents just a little over 1.5 per cent."

Russia: 'Untapped' potential between ASEAN and Russia00:54
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Russia: 'Untapped' potential between ASEAN and Russia

Officials from the Association of Southeast Asian Nations (ASEAN) met with Russian economic and commercial officials on the sidelines of the Saint Petersburg International Economic Forum (SPIEF) on Saturday. Members from both sides spoke of the ability to substantially grow relations from an economic perspective.

Russia has made significant efforts to diversify its energy portfolio outside of its traditional European market. State owned oil company Rosneft signed an 'unprecedented' oil deal with China National Petroleum Corporation on the sidelines of SPIEF, estimated to be worth $270 billion (€205.5 bn).

However, Russia's economic relations with ASEAN have plenty of room for growth. Finance Secretary of the Phillipines Cesar Purisimo commented on the relationship, saying: "I believe that there is substantial potential between ASEAN and Russia that has not yet been tapped. As has been pointed out by the first speaker, our trade between each other represents, from the ASEAN standpoint, represents less than one per cent, and from the Russian standpoint, represents just a little over 1.5 per cent."