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ASEM (Asia-Europe Meeting)
The Asia-Europe Meeting (ASEM) is an informal process of dialogue and co-operation established in 1996. ASEM aimed to be an informal, non-binding dialogue forum based on equality and consensus. The ASEM dialogue addresses political, economic and cultural issues, with the objective of strengthening the relationship between the two regions.
Economic relations between the EU and ASEAN, take the form of bilateral trade ties
ASEM partners are:
- 10 ASEAN countries (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Burma/Myanmar, Philippines, Singapore, Thailand and Vietnam).
- China, India, Japan, Mongolia, Pakistan, South Korea
- ASEAN Secretariat
- the 27 EU Member States
- the European Commission
EU trade in goods with Asian ASEM countries 2008:
- Exports to ASEM : €237 billion
- Imports from ASEM : €473 billion
The economic pillar
The Economic Pillar can be seen as an instrument which fosters trade liberalization, is complementary to the WTO, and facilitates bilateral trade and investment. It is built on meetings of Economic Ministers (EMM) and their Senior Officials on Trade and Investment (SOMTI), of Financial Ministers, and of the Asia-Europe Business Forum (AEBF). The main focus for discussion and activity thus far has been WTO issues, regional economic integration, the implementation of a Trade Facilitation Action Plan (TFAP), aimed at the reduction and removal of non-tariff barriers to trade between the two regions, and the implementation of an Investment Promotion Action Plan (IPAP), aimed at promoting two-way investment flows between Asia and Europe.
A parallel independent structure organised by the private sector, the Asia Europe Business Forum (AEBF), aims to strengthen economic co-operation between the business sectors of both regions. It provides a platform for high level discussion and networking between business representatives covering trade and investment issues and recommendations to enhance the attractiveness of the Asia-Europe marketplace.
The Asian members of ASEM are key trading partners of the EU, accounting for one fourth of the EU's trade with the world in 2008.
Concerning the economic pillar, the Seventh ASEM Summit (October 2008, Beijing) focused amongst others on strengthening economic and development cooperation and coordination, globalisation and competitiveness. Also leaders agreed to issue the Being Declaration on sustainable development. The next ASEM Summit should take place in October 2010 in Brussels, Belgium.
Bilateral relations
Trade relations with key trading partners
Facts, figures, latest developments and archives.
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