Brussels Report on Strengthening Asia-Europe Connectivity drawing synergy from Global development and Governance Programmes

Abstract

The Asia-Europe Meeting (ASEM) represents a sizeable part of the global community. Since its inception in 1996, ASEM has played a key role as a forum for dialogue and cooperation in connecting Asia and Europe. ASEM is uniquely placed for fostering interregional relations. In the past 22 years, the ASEM process has proved its vitality and relevance through a steady increase in membership and enhanced cooperation between Asia and Europe for the benefit of their peoples. As the main multilateral platform linking Asia and Europe, ASEM represents a significant global weight. Representing 62% of the global population, ASEM is more aware than before that its combined strength and connectivity has a benign influence over regional and global development processes and that ASEM can have a major voice in global affairs (Figure 1.1). ASEM members command 57% of global gross domestic product (GDP) and 65% of global trade (Figure 1.2). Asia and Europe have succeeded remarkably in harnessing the dynamics of modern trade and production patterns. Intraregional trade in goods and services between the two regions, spurred by trade liberalisation, and foreign direct investment (FDI) have proved to be a powerful engine of growth and participation in global value chains (GVCs). Strengthened connectivity between Asia and Europe has also led to cooperation in improving soft infrastructure and simplifying the regulatory trade and investment environment. The ASEM economic indicators speak out for the strength of Asia-Europe connectivity and also for the strength of intra- and inter-regional trade and economic cooperation.