Europe-Asia ties to be closer than ever<\/p>\n
Although formal cooperation between the European Union (EU)
\nand Asia only began to take shape in the 1970s, when the EU
\nsought to strengthen its links with the Association of Southeast
\nAsian Nations (ASEAN), the two regions have been closely
\nconnected for many centuries through various flows of migration,
\nof culture, of philosophy, of religion and particularly, of
\ncommerce.<\/p>\n
Indeed, economic relations remain a cornerstone of ties
\nbetween Europe and Asia. In 1996, exports from the EU to Asia
\ntotaled US$204 billion. More than U.S. exports to the region. At
\nthe same time, the EU's 15 member states imported $238 billion
\nworth of Asian goods.<\/p>\n
The EU is the largest trading economy in the world, accounting
\nfor one-third of world trade, 30 percent of the world stock of
\nforeign direct investment and 35 percent of the total GDP of
\nOrganization for Economic Cooperation and Development countries.
\nEurope is now poised for a period of steady growth, which should
\nbe about 2.5 percent a year over the next five years. The
\nintroduction of the Euro on Jan. 1, 1999, will add further
\ndynamism to the EU.<\/p>\n
The Asia-Pacific region has, until recently, been the most
\ndynamic economy in the world. It still has enormous potential for
\nfurther growth and -- like Europe -- depends on trade and
\ninvestment to prosper.<\/p>\n
One of the points agreed by the 26 leaders meeting at the
\nAsia-Europe Meeting (ASEM) II in London on April 2 and April 3
\nwas a commitment to keep markets open in order to encourage
\ncommerce between the regions. This commitment will certainly be
\nencouraged by two ASEM initiatives: the Investment Promotion
\nAction Plan and the Trade Facilitation Action Plan.<\/p>\n
ASEM leaders also welcomed the proposal to create a European
\nnetwork of experts which would work in conjunction with Asian
\ncounterparts to provide technical advice for the reform of the
\nfinancial sector. Technical support for financial restructuring
\nwill also be offered by an ASEM Trust Fund, to be run under the
\nauspices of the World Bank.<\/p>\n
The Trust Fund will also address social problems arising from
\nthe crisis, and the EU will review existing cooperation programs
\nto see where additional funds can be allocated to Southeast Asia
\nfor projects to help communities suffering the effects of the
\ncrisis.<\/p>\n
Europe also takes a full role in global efforts to facilitate
\nrestructuring of Asian economies. EU member states contribute
\nnearly 30 percent of the capital of the International Monetary
\nFund and the World Bank, compared with the U.S., 18 percent, and
\nJapan, 6 percent. This clearly shows the key part that Europe has
\nplayed within the international community in responding to the
\ncrisis and demonstrates the strong commitment which Europe has
\ntoward its Asian partners.<\/p>\n
However, the Asia-Europe relationship is not solely based on
\neconomics. Both sides appreciate the need to strengthen broader
\npolitical and cultural contacts. This can be pursued through
\ndialogs on global issues such as the environment, international
\ncrime, drugs and fundamental rights, and through various actions
\nsuch as people-to-people exchanges and educational and scientific
\ncooperation.<\/p>\n
The Asia-Europe Foundation is working to build ties between
\nEU-ASEAN civil societies in the ASEM process. Within EU-ASEAN
\nrelations several projects have been developed, such as European
\nStudies Centers and the Junior EU-ASEAN Managers Exchange Program
\nto encourage mutual understanding in a broadly based and balanced
\nrelationship.<\/p>\n
The ASEM Summit sent a signal of confidence that with a
\ncombination of sound fundamentals and policies, the crisis will
\nbe overcome. Europe will certainly continue its efforts at
\nregional, ASEM, ASEAN and bilateral levels to ensure that the
\nnext time ASEM leaders meet, in Seoul in 2000, present hurdles
\nwill be overcome and the relationship between Europe and Asia
\nwill be closer than ever.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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