MANILA, Philippines—The European Union (EU) has committed to “redouble” its efforts to strengthen relations with the Association of Southeast Asian Nations (Asean) by stepping up its support to build the Asean Economic Community (AEC).
In a statement posted on the Asean website, the new Ambassador of the EU to the Asean, Olof Skoog, explained that EU considers the bloc, which includes the Philippines, a “very important partner” and thus, a “prosperous, successful and stable Asean is also in the interest of the EU.”
The Asean has been preparing for the establishment of the AEC, described as “a single market and distribution base, a highly competitive economic region with equitable economic development, and a region fully integrated into the global economy.”
The integration will allow Asean companies in 10 Asean member-nations to enter each other’s markets, encouraged by zero tariffs and reduced bureaucratic clearances.
The EU has been collaborating with the Asean through various programs such the Asean Integration Support from the EU (Arise) and the Regional EU-Asean Dialogue Instrument (Readi).
These have reportedly contributed to greater policy coherence in support of the regional economic integration and community building in both trade and non-trade areas.
According to Asean Secretary General Le Luong Minh, cooperation could be further strengthened in such areas as trade and investment, education, disaster management, and maritime cooperation.
Potential areas for future Asean-EU cooperation were also discussed by Skoog and Minh.
The EU is Asean’s third largest trading partner, with the two regions chalking up $265 billion worth of trade in 2011, and is also the biggest provider of foreign direct investments into the Asean.
The EU is likewise a major development partner of Asean and the biggest donor to the Asean Secretariat.