ASEAN and E.U. leaders are gathering in Brussels on December 14 for their first-ever in-person summit.
"I see it as an opportunity for the E.U. and ASEAN to commit to their strategic partnership and shared commitment of following the rules-based international order amid current geopolitical tensions," the newswire cited an E.U. official prior to the summit as saying.
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Prime Minister Pham Minh Chinh (the third from the right, first row) attends the 10th ASEAN-E.U. summit. |
There is still a lot of untapped potential in the ASEAN, which is on track to become the fifth largest economy in the world in the next four or five years, and the E.U. wants to complete more bilateral trade agreements, the official said, adding that it is important to diversify their supply and demand chains.
Boosting trade relations with ASEAN is a priority for E.U. leaders, according to the official
ASEAN is the E.U.’s third-largest trading partner after the U.S. and China, trading goods worth more than EUR 215.9 billion (USD 229.9 billion) in 2021.
The two blocs began negotiations on a free trade agreement in 2007, but instead opted for bilateral trade deals. However, according to the European Commission (E.C.), these bilateral trade and investment agreements could serve as a foundation for a future E.U.-ASEAN trade agreement.
The E.U. began trade negotiations with individual ASEAN countries like Singapore and Malaysia in 2010, Vietnam in 2012, Thailand in 2013, the Philippines in 2015 and Indonesia in 2016.
While agreements with Singapore and Vietnam have been completed, the E.U. hopes to resume trade talks with Thailand and the new governments of the Philippines and Malaysia at the summit. Ongoing trade talks with Indonesia are also expected to be discussed bilaterally.
E.C. President Ursula Von Der Leyen is also expected to put forward an E.U. investment package to develop renewable energy, transportation, the digital sector and infrastructure with ASEAN countries, the official added.
An E.U.-ASEAN joint statement which focuses on boosting multilateral ties, is expected to be issued after the summit.
Source: VNA