Asean, EU hold First Business Summit

JAKARTA, Indonesia – The Association of Southeast Asian Nations (ASEAN) held its first business summit with the European Union on Thursday, May 5, to further strengthen trade relations and economic cooperation as well as to identify fresh business and investment opportunities.

Trade Secretary Gregory Domingo represented the Philippines to the inaugural meeting between the two trading blocs.

Domingo said the EU – composed of 27 countries – would be a huge market for ASEAN. “They’re one of the top three (trading partners of the Philippines)-US, Japan and EU.”

The 1st ASEAN-EU Business Summit was borne out of the commitment of both sides during the 9th Consultations between ASEAN Economic Ministers (AEM) and the EU Trade Commissioner held in Da Nang, Vietnam on Aug. 27, 2010, to facilitate a “platform to exchange views and discuss with ASEAN and EU private sectors on EU-ASEAN trade and investment relations.”

Indonesian President Susilo Bambang Yudhoyono, who opened the ASEAN-EU Business Summit, said the event was timely for ASEAN to continue learning from the Europeans.

“We need to increase ASEAN’s engagement in discussions towards a more formal economic integration agreement between ASEAN economies and the EU. They have a much longer experience in economic integration and community building – they can be a strong partner with ASEAN to develop together,” he said.

ASEAN Secretary General Surin Pitsuwan said business-to-business and the business-to-government dialogues at the summit, demonstrates ASEAN’s efforts to promote greater synergies in improving the mutual trade and investment climate with the EU.

“Making ASEAN a conducive and welcoming business destination is important. But it is more than business and profits. This is a testimony of global confidence in the leadership of ASEAN chair. These are exciting times for ASEAN,” he said.

The summit also saw ASEAN Economic Ministers and the EU Commissioner for Trade Karel de Gucht, engaged in a lively feedback session with the business leaders attending the meeting being held at Jakarta Convention Center at downtown Jakarta.

The issues discussed include opportunities in doing business together, as well as the steps taken by ASEAN and EU governments to enhance trade and economic relations.

 The EU remains ASEAN’s top export destination, with a share of 11.2 percent in 2009. In terms of total trade, the EU is the second most important trading partner of ASEAN. In addition to business transactions, the EU has allocated a 70 million euro assistance to ASEAN for the period 2007 to 2013.