Briefing by Russian Minister of Economic Development Alexei Ulyukayev

Signing an agreement on creating a free trade zone between the EAEU and ASEAN is generally a desirable format, Russian Minister of Economic Development Alexei Ulyukayev said at a briefing during the ASEAN — Russia Summit.

"I believe that creating a free trade zone that will include all the EAEU and ASEAN Member States is a possible and even desirable format," he said.

Mr Ulyukayev added that ASEAN Member States can contribute to the forging of the Silk Road Economic Belt and the EAEU. This format is now being discussed with our Chinese counterparts. In addition, there is an idea to create a regional economic partnership in the Asia Pacific Region, which would be open for all the countries of the region, unlike the Trans-Pacific Partnership, the minister said.

Mr Ulyukayev disclosed the details of the Russia-Indonesia understandings on building an oil refinery in Indonesia with a capacity of 24 million tonnes. The project will be financed by Russian banks. The minister noted that refinery will mainly use Russia-made equipment.