The third ASEAN-EU Business Summit (AEBS) concluded successfully in Hanoi on March 9. The summit delivered with practical proposals for the agricultural economy, automobile industry, financial services, information technology, infrastructure/connectivity, and pharmaceuticals.

In his closing speech, Deputy Minister of Industry and Trade Vu Huy Hoang said the summit created opportunities for broader economic, trade, and investment cooperation between ASEAN and the EU.

Hoang asked ASEAN and EU countries to honour their commitments and follow through on the proposals adopted at the summit in the interests of mutual development for a prosperous ASEAN and EU.

The results of the 19th ASEAN Economic Ministers’ Retreat, the 12th AEM-EU Consultations and the third ASEAN-EU Business Summit were announced at a press conference in Hanoi on the same day.

ASEAN Secretary General Le Luong Minh noted that the average 7 percent growth in two-way trade reflected both sides’ unwavering commitment to facilitating trade and investment. The consultations between ASEAN Economic Ministers and the EU also recognised recent progresses in implementing bilateral and multilateral trade agreements.

Minh said the consultations also discussed the possible resumption of bilateral free trade agreement negotiations between ASEAN and the EU.

During the ASEAN-EU Business Summit, views were exchanged on promoting trade and encouraging investment in a manner encompassing the feedback received from enterprises.

EU Trade Commissioner Karel De Gucht underscored the success of the ASEAN Economic Ministers’ Retreat, saying it will lead to a more favourable business and investment environment for EU-ASEAN cooperation.

He affirmed ASEAN-EU FTA negotiations will be accelerated, emphasising the EU’s interest in ASEAN’s actively developing market.

The inter-regional trade deficit is currently narrowing thanks to a number of ASEAN member nations’ huge demand for EU products.

He said he believed that the EU will soon become ASEAN’s largest economic partner, and that the formation of the ASEAN Community by 2015 will resonate with significance for the EU.

Vietnamtoday