Work towards an EU-ASEAN free trade pact: PM Lee
Channel News Asia | 17 October 2014
Work Towards An EU-ASEAN Free Trade Pact: PM Lee
MILAN — Singapore’s Prime Minister Lee Hsien Loong has said one way to deepen collaborations between Asia and Europe is to work towards an EU-ASEAN free trade pact.
He said there is a lot of synergy between the two regions, and that Asia and Europe start from a good base to deepen cooperation.
Mr Lee was addressing European and Asian political leaders during a plenary session at the 10th Asia-Europe Meeting (ASEM) in Milan. The closed-door plenary was themed "Promoting Financial and Economic Cooperation Through Enhanced Europe-Asia Connectivity".
The two-day summit, starting on Thursday (Oct 16), seeks to foster closer cooperation between the Asia and Europe.
Mr Lee said: "We should build on this … by working towards more FTAs to bring out linkages together, and one particular FTA which I would like to mention is the EU-ASEAN FTA, which would be able to look beyond traditional issues like trade in goods, and focus on 21st century issues such as innovation, services and public procurement."
He encouraged members to build on existing exchanges to work towards more free trade agreements such as an EU-ASEAN FTA.
Mr Lee added that the growing middle class and urbanisation in Asia will create opportunities for cooperation. And Europe, even though it is working to recover from the financial crisis and address structural issues in European intergation, has lots to offer.
"In Europe, despite the occupation with structural issues and recovery from the financial crisis, you still have a lot of know-how, capabilities and resources which will be very valuable to Asia, especially in urban solutions, infrastructure development and financing," he said.
Mr Lee said there is much for Asia and Europe to do together, and closer cooperation will enable both economies to better navigate the challenges of a more globalised world.
ASEM welcomed two new members in Milan - Croatia and Kazakhstan - bringing the total number of ASEM members to 53. Investments between the ASEM members amounted to over €740 billion (US$949 billion). Together, the ASEM members account for about 62 per cent of the world’s population and 57 per cent of global GDP.
