ASEAN, EU hold first business summit in Jakarta

Leaders of the Association of Southeast Asian Nations and the European Union met on Thursday to strengthen trade relations and identify fresh business and investment opportunities for both blocs, the Palace said on Friday. Trade Secretary Gregory Domingo represented the Philippines to the maiden meeting between the two trading blocs, according to a report by the Presidential Communications Operations Office. The first ASEAN-EU business summit was borne out of the commitment of both parties during the Aug. 27, 2010 consultations in Vietnam to "discuss" about their trade and investment relations, the report said. Formally opening the business summit, Indonesian President Susilo Bambang Yudhoyono said it is 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... [with the] EU, which has a much longer experience in economic integration and community building," he said. Surin Pitsuwan, ASEAN secretary-general, said business-to-business and the business-to-government dialogues at the summit show ASEAN's efforts to promote greater synergies in improving the mutual trade and investment climate with the EU. The EU is the largest source of investment flows into ASEAN, which received $7.2 billion in 2009, according to the report, citing latest data. It also remains the top ASEAN export destination, with 11.2 percent of the region’s shipments going to the Union that same year, it added. Apart from business transactions, the EU allocated a total of €70 million in assistance to ASEAN for the 2007-2013 period, the report added. — Jesse Edep/VS, GMA News