In a joint statement, economic ministers from the 10-member Association of Southeast Asian Nations and European Trade Commissioner Cecilia Malmstrom said the worldwide economic outlook had improved.
But they expressed caution over uncertainties stemming from “increasingly protectionist and inward-looking policies” that always blame trade for job losses brought on by automation and industrialization.
“We see protectionism and anti-globalization trends all over the world,” Malmstrom told reporters after a gathering of the economic ministers of the 2 regions on Friday. “Closing borders and building walls, raising tariffs — that will not be the solution, but will rather exacerbate the problems.”
Leaders face the challenge of creating a powerful case for open, fair and free trade, and ensuring that it’s efficient, advantages small businesses and increases investment and jobs.
Philippine Trade Secretary Ramon Lopez said statements by some world leaders, whom he didn’t name, had increased uncertainty.
Negotiations on an EU-ASEAN free trade agreement began in 2007 but were suspended in 2009 over differences within the plan’s ambitions. The huge gap between wealthy EU nations and developing Southeast Asian nations has also complicated the talks.
The EU then began bilateral trade negotiations with individual ASEAN members. It has free trade agreements with Vietnam and Singapore and remains to be negotiating agreements with Thailand, Malaysia, Indonesia and the Philippines. Other ASEAN members include Myanmar, Cambodia, Laos and Brunei.
Bilateral trade between the 2 regions amounted to €208 billion ($220.5 billion) in 2016. The EU was the biggest external source of foreign direct investment in ASEAN in 2015, with €23.3 billion ($24.7 billion).
Source: Associated Press
