By Hugo Santos

 

As Malaysia prepares for the Chairmanship for ASEAN in 2025; The Russian Federation through the auspices of the Roscongress Foundation and Malaysia’s Matrade hosted the World of Opportunities forum with the focus of Russia-ASEAN cooperation. The forum is a follow up to the Eastern Economic Forum (EEF) 2024 where Prime Minister Anwar Ibrahim was a keynote speaker alongside his host Russian President Vladimir Putin, Mr. Ibrahim expressed his interest to join BRICS to rise with the rest of the Global South. Both Russia and Malaysia are exploring opportunities through trade and investment that would benefit their economies. The multipolar world gave the opportunity for both countries to expand their cooperation in different sectors.

What’s in it for Malaysia?

Under Mr. Ibrahim Kuala Lumpur aims to diversify its relations with key BRICS members such as Russia, Moscow reciprocated Mr. Ibrahim’s gesture in EEF 2024 by hosting the forum in Malaysia to collaborate in multiple fields. Malaysia and Russia would like to collaborate in the business sector in terms of digital technology as the region is known for being a hotspot of digital technology as majority of the young population uses digital technology from AI to social media. The deepening trade between Russia and the region signifies Moscow’s role in the region, fostering trade relations with Malaysia is strategic due to its geographical location as a regional hub for digital transformation. Malaysia is expected to be a hub for semiconductor exports in the ASEAN region which is very attractive as an investment hub in the long term. People to people exchanges are also a key factor in the bilateral relations between Moscow and Kuala Lumpur due to the high number of reciprocal visits from student exchanges to trade missions. Malaysia also found a key trading partner in the region as an alternative way to trade with a major power in the Southeast Asian region in the arena of great power competition between Beijing and Washington. In this geopolitical landscape Malaysia is diversifying their options as Kuala Lumpur is engaging with Beijing despite disputes to maintain economic relations while navigating an unpredictable foreign policy in the Asia-Pacific region with the upcoming Trump 2.0 administration.

Development of EAEU-ASEAN cooperation

The Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN) benefits each other in terms of trade in a multilateral environment as both regions operate within the framework of mutual trust and shared prosperity. Both regions are considered developing regions in terms of economy. Majority of the participants in the forum are from ASEAN and EAEU member states and both sides are willing to expand their trade and investment ties in oil and gas, education, agriculture across various sectors. This is also a testament that Russia is not isolated on the international stage as the majority of the ASEAN countries are having a higher volume of trade with Russia and the rest of the EAEU.

   

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