ASEAN to consider Moscow's proposal on free trade area with Eurasian Economic Union - declaration
SOCHI. May 20 (Interfax) - The ASEAN member-states will consider Russia's proposal on analyzing the possibility of establishing a comprehensive free trade area between the Eurasian Economic Union (EAEU) and ASEAN, says the joint declaration signed by the participants in the ASEAN-Russia summit in Sochi (the Sochi Declaration).
The leaders of Russia and the ASEAN member-states also agreed to "explore the possibility of mutually beneficial cooperation among ASEAN, EAEU and the Shanghai Cooperation Organization (SCO)," the declaration says.
Russia and the ASEAN countries also agreed to "encourage the reform of the international financial system, taking into account the interests and increasing influence of developing countries and emerging economies."
They will also "explore cooperation in the areas of oil and gas, electric power, energy efficiency, civilian nuclear energy, and renewable energy to enhance energy security," it says.
The leaders also agreed to "encourage transport cooperation in areas such as maritime, road and rail transport infrastructure networks, and civil aviation, including through capacity building and exchange of best practices," the declaration says.
The Association of Southeast Asian Nations (ASEAN) was founded in 1967 originally by Indonesia, Malaysia, Singapore, Thailand, and the Philippines. It was later joined by Brunei, Vietnam, Laos, Myanmar, and Cambodia.
