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21:16 GMT
BRUSSELS, May 21 (KUNA) -- EU High Representative Federica Mogherini and the European Commission Wednesday adopted a joint report that puts forward concrete ideas for strengthening the 28-member European bloc's ties and cooperation with the 10-member ASEAN (Association of South East Asian Nations).
"The partnership between the EU and ASEAN is crucial and we are determined to build on it and strengthen our political and economic cooperation. From trade to security, from climate change to the rule of law, we have a deep cooperation and as the EU we are supporting ASEAN integration. Deepening and broadening our relation with ASEAN is key for the EU's Asia strategy," said Mogherini in a press statement.
The report proposes taking trade relations with ASEAN to a different level and working towards an ambitious region-to-region Free Trade Agreement (FTA).
It proposes doubling EU financial support for ASEAN integration to 170 million euro and to implement an extensive package of new initiatives in the area of maritime security, disaster management and crisis response, transnational crime.
The EU is ASEAN's second largest trading partner. 238 billion euro in goods and services were traded between the two regions in 2013. EU-ASEAN trade grew on average by 7 percent annually in the period 1993-2013.
The EU is the biggest provider of Foreign Direct Investment in ASEAN. EU FDI is 22 percent of the total in 2013. (end)
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