Russia advocates the establishment of the Greater Eurasian Partnership involving the Eurasian Economic Union (EAEU), Association of Southeast Asian Nations (Asean) and the Shanghai Cooperation Organization (SCO), Russian Prime Minister Dmitry Medvedev said at the Business and Investment Summit of the Association of Asean.

“We advocate the formation of the Greater Eurasian Partnership with the participation of member states of the Eurasian Economic Union, Asean, SCO and other possible structures,” he said.

He noted that such an idea was unanimously supported by Asean leaders at the Russia-Asean summit in Sochi in May 2016.

According to him, in the long term, it will make it possible to link large integration and infrastructure projects.

Russia believes that the partnership should be built on the principles of mutual respect and common benefit that it will be open for accession by all interested states, Medvedev added.

“We took a step towards it — Eurasian Economic Commission (ECE) and Asean signed a memorandum of understanding on economic cooperation,” the Prime Minister noted.

“Its practical implementation began, and a cooperation program was approved in October,” he added.

Medvedev said Russia seeks to create the most favorable business environment in the EAEU with clear and understandable business rules.

“Our interest in trade with the Union is growing, one of the Asean members — Vietnam was the first country the EAEU had Free Trade Agreement within 2015,” Medvedev said.

He recalled that a similar document was signed with Singapore and work is currently underway with other partners from the Association.

ECE has already signed cooperation documents with Cambodia, Thailand and Indonesia.

According to Medvedev, the implementation of these agreements will be an additional incentive and will open new opportunities for joint work of the business of the countries of EAEU and ASEAN. (TASS)