After instituting a ban on western agricultural goods on August 7th from the U.S., the EU, Canada, Australia, and Norway in retaliation to sanctions imposed over actions in Ukraine, Russia is calling on the 11-nation Association of Southeast Asian Nations (ASEAN) bloc to increase agricultural trade to fill the gaps left by the embargos. Russia’s Economic Development Minister Alexei Ulyukayev announced in Myanmar’s capital city of Naypyidaw that opportunities are arising for ASEAN nations to increase agricultural exports, especially fresh fruit and vegetables to Russia. The value of trade between Russia and the ASEAN bloc totaled $17.5 billion in 2013, and by the end of 2014 a 6% increase year on year is expected. Russian investments with ASEAN countries are currently $1.6 billion and Ulyukayev states that investment cooperation can climb stating that Russia also has $20 billion planned investments with Vietnam and $7 billion planned investments with Indonesia.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service