ASEAN eyes deeper trade with Russia amid global realignment, says Nazir Razak

ST PETERSBURG, Russia: At the St. Petersburg International Economic Forum (SPIEF) 2025, Tan Sri Nazir Razak, Chairman of the ASEAN Business Advisory Council (ASEAN-BAC), called for a renewed push to expand ASEAN–Russia economic ties, warning that trade between the two regions has declined in recent years despite untapped opportunities.

AI Brief

ASEAN-Russia trade has dropped from US$23B in 2016 to US$16B today; Nazir urges Russia to explore ASEAN's vast market potential.
As 2025 ASEAN Chair, Malaysia is championing 12 projects to boost business ties - including a unified ASEAN business framework and B2B matchmaking.
Nazir invites Russian firms to the ASEAN Business and Investment Summit in KL, stressing trust-building and early entry into ASEANs growing economy.

“The total trade between ASEAN and Russia was about US$23 billion in 2016. Today, it stands at just US$16 billion,there’s clearly more that can and should be done.” Nazir noted.

Speaking at a high-level session focused on regional cooperation, Nazir urged Russian businesses to explore partnerships across Southeast Asia, particularly in areas such as agriculture, logistics, energy, and digital technology.

He emphasized that ASEAN’s growing 680 million population and US$3.8 trillion economy make it one of the world’s most attractive, yet underexplored, markets for Russian enterprises.

ASEAN: Fragmented but Full of Potential

Despite its dynamism, Nazir acknowledged ASEAN’s internal complexity.

“ASEAN is still 10 different markets. Doing business in the region still requires navigating separate national systems,” he said. “But that’s also where future upside lies — as integration deepens, early movers will benefit.” He said.

12 Flagship Projects to Boost ASEAN Integration

As Malaysia assumes the ASEAN Chairmanship for 2025, Nazir is using his position to drive 12 key initiatives aimed at boosting regional business cooperation. Among them:

* ASEAN Business Entity Framework: Designed to enable the free movement of employees and operations across ASEAN countries, treating companies operating in multiple countries as if they were in a borderless zone.

* Business-to-Business (B2B) Engagement Drive: A push to move beyond policy-level engagement and foster direct commercial ties. “There is no shortcut, businesses must meet businesses,” he said.

Recent success stories under these efforts include:

* A US$150 million logistics hub investment by a Singaporean firm in Malaysia.

* A cross-border durian farming initiative involving Malaysia and the Philippines.

Invitation to KL: ASEAN Business and Investment Summit 2025

Nazir extended a direct invitation to Russian business leaders to attend the ASEAN Business and Investment Summit (ABIS) on October 25–26, 2025 in Kuala Lumpur.

“This may not be as grand as SPIEF, but it’s our region’s flagship business forum and we’re pulling out all the stops,” he said.

A dedicated app will enable attendees to pre-schedule meetings with potential partners, maximizing real commercial engagement.

Trust-Building is Key

One of the main challenges, Nazir added, is the lack of historic commercial depth between ASEAN and Russia compared to ASEAN’s longstanding ties with Western and East Asian economies.

“There’s a need to build familiarity, trust, and transparency especially in practical matters like payment systems and legal frameworks, but the complementarity between our economies is clear, from agriculture tech to clean energy.” he said.

The Message: Start Now

Nazir concluded by reaffirming that ASEAN is open for business and ready to diversify its partnerships in a multipolar world.

“It’s not just about government policy. Businesses need to take the lead in discovering real, tangible opportunities and acting on them.”

This event is timed to coincide with visit to the SPIEF, organised by the Roscongress Foundation