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Russia, Philippines seek liberalization of trade between EAEU and ASEAN

May 25, 22:53 UTC+3 MOSCOW

Rodrigo Duterte paid an official visit to Russia at the invitation of the Russian leader on May 22-24

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MOSCOW, May 25. /TASS/. Russia and the Philippines come out in favor of liberalization of trade and an increase in mutual investments between the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN), says a joint statement of Russian President Vladimir Putin and President of the Philippines Rodrigo Duterte, posted on the Kremlin’s official website on Thursday.

"The Heads of State agreed to further explore cooperation and liberalization of trade as well as foster a favorable climate for an increase in investment flows between the Eurasian Economic Union and ASEAN in the interests of boosting sustainable and inclusive growth amongst the members of both regional groupings," the statement said.

"The Parties also emphasized the prospects which can be created by multilateral communication and coordination to implement various regional and national frameworks and initiatives, including ASEAN Community Vision 2025 and Eurasian partnership based on the principles of equality, openness and transparency," it said.

"Russian-Philippine negotiations were held in an atmosphere of friendship and understanding. The Parties expressed satisfaction with the recently increased cooperation in various fields. They reviewed thoroughly the prospects of further enhancement of the Russian-Philippine cooperation in priority areas. The Parties exchanged their views on the pressing issues of regional and international agenda," the statement noted.

Duterte paid an official visit to Russia at the invitation of the Russian leader on May 22-24. The president had to cut short his visit because of a terrorist attack in the Philippines.

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