ASEM accords to boost business

ASEM accords to boost business

TOKYO (AFP): Economics ministers from 25 European and Asian
nations are set to adopt two agreements to promote investment and
trade at a meeting near here Sunday, official sources said.

The adoption is expected to be the focus of the Asia-Europe
Meeting (ASEM) of ministers.

ASEM groups the 15 countries of the European Union (plus the
Brussels commission), China, Japan, South Korea and the seven
oldest-established members of the Association of Southeast Asian
Nations.

Officials said the investment accord was the more difficult to
finalize, with some Asian nations -- notably China, Indonesia and
Malaysia -- cool on the idea.

It includes the setting up of an Internet site to collate
investment possibilities, recommendations for more transparency
and the creation of a group of experts.

The commerce agreement concerns customs procedures,
intellectual property rights and rules on farming hygiene.

ASEM is also a forum for business people. The Chiba meeting
will give them the chance to swap views and ideas and discuss
financing of infrastructure projects.

ASEM finance ministers held their first meeting in Bangkok
last week and pledged to boost cooperation in the financial
sector amid Asian currency turmoil.

A European diplomat helping to prepare for Sunday's meeting
said the advantage of such a forum "is that it allows for
diverging views which don't have to be ironed out by World Trade
Organization-type negotiations."

"This also allows for the inclusion of China, which is still
not a World Trade Organization (WTO) member and allows it to stay
separate from the process of global integration. "

Joern Keck, head of the European Commission's delegation to
Japan, has said ASEM should mainly work as a catalyst to achieve
better understanding and put high-level participants together in
an informal setting.

He said concrete action would flow naturally as a result.