EU Trade Commissioner Cecilia Malmström will push for the advancement of the proposed European Union-Association of South East Asian Nations (EU-ASEAN) free trade agreement during the ASEAN economic ministers and EU trade consultations today.

Malmstrom is visiting Manila for the upcoming 15th ASEAN Economic Ministers-European Union Trade Consultations where she will meet with her counterparts from ASEAN to discuss EU ASEAN Trade Relations including the goal of a Free Trade Agreement between the two regions.  The ASEAN Senior Economic Ministers (AEM) already held their meeting yesterday in preparation for today’s   23rd ASEAN Economic Ministers’ Retreat and Related Meeting chaired by Trade and Industry Secretary Ramon Lopez.

This is the first big business event following Philippines’ appointment to the ASEAN Chairmanship in September of last year. It coincides with the 60th anniversary of the EU, the 50th anniversary of the ASEAN and the 40th year of the ASEAN-EU relations.

“I especially look forward to discussing how to advance plans for a region-to-region Free Trade Agreement between the EU and ASEAN,” said Malmstrom, who will also address the ASEAN-EU Business Summit.

The EU trade commissioner cited the meeting as an important occasion to reaffirm the strong ties between the EU and ASEAN and the joint commitment to good trade relations.

“At the meeting, we can lay the foundation to facilitate the work of our respective businesses, and for connecting across our two regions,” she stressed.

“Many European companies have found their way to ASEAN, providing decent jobs and supporting growth. Especially the small and medium-sized companies are now looking at us, economic ministers, to facilitate their good work further.”

ASEAN from the ASEAN economic ministers and ASEAN Secretary General Le Luong Minh, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. are also  expected to attend the Summit.

EU Ambassador Franz Jessen described the visit as a milestone: Trade and investment relations between the regions are growing. In 2016, ASEAN-EU two-way trade stood at €208 billion. EU imports from ASEAN doubled since 2009 and EU-ASEAN trade in services in 2015 was €79.6 billion – three times as much as compared to a decade ago. The EU is the largest external source of Foreign Direct Investment (FDI) into ASEAN with €23.3 billion in 2015 – a growth of 57 percent compared to the year before.

Second, growth potential can be maximized through further engagement. “We do this mainly through negotiating Free Trade Agreements. The EU has concluded agreements with Vietnam and Singapore that will be game-changers as the most ambitious agreements that ASEAN members have ever concluded.”

Meanwhile, the EU started negotiating with other members like Indonesia and the Philippines, while making clear that a region-to-region Free Trade Agreement is the goal in the longer term.

“Establishing a region-to-region free trade area would act as a powerful catalyst for even closer mutually beneficial economic relationships. Our Ministers will now discuss the way forward when they meet in Manila,” Ambassador Jessen said.