BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/21
Current economic cooperation between Russia and most ASEAN members is quite modest. Russian goods exports to ASEAN countries in 2015 totalled just $6 billion and imports $7 billion. ASEAN countries last year accounted for 2 % of Russian exports and 4 % of imports. Russia’s share of the total ASEAN exports and imports is less than 1 %. Arms sales are the exception as Russia and Vietnam are key partners. The Stockholm International Peace Research Institute (SIPRI) estimates that nearly all of Vietnam’s arms imports in recent years have come from Russia.
Russian officials said that there were also discussions with several countries on possible free-trade agreements with the Eurasian Economic Union. Russia launched free-trade talks with Vietnam already in 2009 and last year Vietnam became the first country to sign a free-trade agreement with the Eurasian Economic Union. That agreement should soon enter into force. The average duty level in bilateral trade should fall from a current average of around 10 % to 1–2 % within a decade. Russian firms are interested in e.g. getting Vietnam to gradually lower its high import duties on cars.
ASEAN countries’ share of Russian goods trade and Russia’s share of ASEAN goods trade (exports + imports) in 2015
Source: IMF DOTS.