Page 13 - EU_ASEN Relations: Perspectives From Malaysia

Malaysia and the EU─ASEAN Economic

Cooperation

by Fumitaka Furuoka, Beatrice Lim and Rostika Petrus Boroh

Abstract

The economic cooperation between Southeast Asian and European countries
can be considered as one of three main pillars, along with the political pillar
and the socio-cultural and education pillar, in the Asia-Europe Meeting
(ASEM) cooperation mechanism. Many issues on inter-regional cooperation
between the EU and ASEAN are discussed as well during the EU-ASEAN
ministerial meetings. At present, the EU and the Southeast Asian countries
have significant trade relations and are important trading partners. Despite its
importance, economic cooperation does not seem to work without difficulties.
The initial EU-ASEAN negotiations were not successful due to the challenges
in setting common standards amongst the ASEAN countries with varying
political systems as well as the considerable differences in the size of their
economies and populations. Other obstacles in the partnership between EU and
ASEAN countries include human rights issues in trade policies as well as
sustainable agriculture practices in emerging ASEAN economies. The inter-
regional economic cooperation between Asia and Europe could contribute to
the global economy. In this regard, the role of ASEM and the EU-ASEAN
ministerial meetings therefore is very crucial.

Introduction

The economic cooperation between Southeast Asian and European countries

is one of three main pillars, along with the political and the socio-cultural and
education pillars; and can be considered the most important of the three in the

Asia-Europe Meeting (ASEM) cooperation mechanism. This ASEM

cooperation mechanism consists of 51 partner countries, and two institutional
partners: the European Union Commission (EU) and the ASEAN Secretariat.

More specifically, the ASEM economic cooperation was entrusted to three
closely-connected organizations. Firstly, the Asia-Europe Business Forum

7