KUALA LUMPUR, Sept 25 (KUNA) - ASEAN and the European Union (EU) affirmed the importance of enhancing cooperation in digitalization and sustainability to mitigate the impact of global economic challenges and strengthen supply chain resilience.
This came during the 21st ASEAN-EU Economic Ministers Consultations held Thursday in Kuala Lumpur, co-chaired by Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz and European Commissioner for Trade and Economic Security Maros Sefcovic.
In a joint statement, both sides discussed current trade tensions and their effects on global trade dynamics, particularly on Small and Medium-sized Enterprises (SMEs), while highlighting the need for deeper collaboration.
The meeting welcomed ongoing initiatives to strengthen practical cooperation in areas such as digital trade, green technologies, and capacity building.
Both parties reiterated support for a rules-based, inclusive, and transparent multilateral trading system, with the WTO at its core, and stressed the need for WTO reforms to ensure its effectiveness amid evolving global challenges.
The meeting also welcomed the continued implementation of the ASEAN-EU Trade and Investment Work Programme 2024-2025 and endorsed the development of a new 2026-2027 plan to further deepen strategic economic ties.
According to preliminary ASEAN statistics, two-way trade between ASEAN and the EU reached USD 282.9 billion in 2024, with EU foreign direct investment flows to ASEAN amounting to USD 20 billion, making the EU ASEAN's third-largest trading partner and second-largest investor.
The ASEAN-EU Ministers' Consultation of Economy was established in 1997 as a platform to promote economic partnership and dialogue on trade and investment issues between the two groups. (end) aab.seo