A partnership for peace and prosperity

The ninth Summit of the Asia-Europe Meeting, ASEM, which will open on November 5 in Ventiane, Laos, brings together 51 leaders from Europe and Asia. Sixteen years after the launch of this successful forum of dialogue and cooperation, Europe, Asia and the world have changed significantly. Asian nations have become strong economic players, lifting hundred of millions out of poverty and gaining self-confidence on the world stage. In Europe, countries have joined forces in an enlarged European Union (EU) turning it into the most ambitious and developed political expression in the continent’s history. Globalisation, interdependence, redistribution of power and pressure over natural resources are among the key trends shaping the 21^st century.

Against this scenario, European-Asian relations are more relevant today than ever before. Our discussions in Vientiane will concentrate around three key objectives. Firstly, we need strong, sustainable and inclusive growth. The world economy has undergone testing times following the 2007 financial crisis. The economic and financial pressures in Europe are only one part of a wider set of problems worldwide. The EU is taking steps needed to reduce public debt, ensure a healthy banking system and lay the foundations for sustained growth and a stable common currency. But others also need to play their part. We look to Asian countries to consolidate their public finance, rebalance their growth model and work with us to support a sustained global recovery.

Secondly, to foster growth, we need to support world trade. This involves not only fostering domestic demand, but also avoiding protectionism. Asia’s trade with the EU has held up well in the years since 2007, a tribute to the EU’s openness and our schemes of tariff preferences for developing countries, as well as our efforts in macroeconomic stabilisation. However, there is still potential when it comes to bilateral trade between the EU and Asia. The free trade agreements being negotiated with Singapore, Malaysia, Vietnam and India should help unlock that potential. We trust that our Asian partners will remain committed to open economies and to commonly-agreed multilateral trade rules.

Thirdly, we need stability and security. The best way to achieve this is through negotiated solutions and common institutions. Asia would benefit from stronger institutions that can prevent conflict and tackle nontraditional security threats effectively. We commend Asean for steering the development of wider cooperation initiatives in East Asia, in forums such as the Asean Regional Forum.

The EU brings to Asian partners the world’s largest internal market in terms of value. As recognised by the recently awarded Nobel Peace Prize, the EU also brings its experience in regional integration and foreign and security policies aimed at promoting prosperity and peace, together with a system of government based on respect of the rule of law and human rights.

While the economic aspects of our relationship have been dominant in the past, the political and security dimensions have steadily grown in importance. Against this background, the forthcoming ASEM Summit will offer an opportunity to address a wide range of issues of mutual interest, to strengthen our cooperation and to launch further joint initiatives.

Published in The Express Tribune, November 5^th, 2012.