The Asia-Europe Meeting has become an effective mechanism through which the Asia and Europe could deal with the vital global and regional political/economic issues jointly. Economic cooperation is currently the key area under the ASEM collaborative framework, which mainly concentrates on the implementation of trade facilitation and investment environment improvement by means of structuring a transparent and expectable business surrounding and reinforcing the information exchange and sharing between Asia and Europe. In view of this, the ASEM constitutes regular negotiating mechanisms, such as the ASEM Economic Ministers’ Meetings (EMM), the ASEM Senior Officials Meeting on Trade and Investment (SOMTI), the ASEM Investment Experts Working Group Meeting (IEG), and the Asia-Europe business forum (AEBF). The ASEM member countries have greatly strengthened the mutual understanding and recognition to the regional liberalization and facilitation of trade and investment through correlative dialogues and collaboration.

The ASEM developed the collaborations on trade and investment facilitation mainly under two core frameworks -- the Trade Facilitation Action Plans (TFAP) and the Investment Promotion Action Plans (IPAP). The TFAP principles and objectives reflected its informal and unrestrictive feature, and especially emphasized the “opening regionalism”. Based on TFAP, the ASEM member countries implement plenty of action plans on Customs procedures, standards and conformity assessment, government procurement, animal and plant quarantine procedures, intellectual property rights, business mobility and market access in distribution sectors. The TFAP action plans contributed greatly to reduce trade costs, to remove non-tariff barriers, and to create more trade opportunities.

Investment Promotion Action Plan (IPAP) mainly concentrated on the implementation of Asian-European investment promotion actions and the multilateral communication on domestic investment policies and regulations. The IPAP established the ASEM Invest Online, the Roundtable Meeting of Principals of Huge Enterprises, and the training plans among the Asian-European enterprises. All actions contributed to improve the ASEM partners’ investment environment and promote greater mutual investment flows between the two continents. In the ASEM Senior Officials Meetings on Trade and Investment (SOMTI), the ASEM partners submitted specific reports referring to “Statement on Removing the Universal Trade Barriers among the ASEM Member Countries” and “Assessment to Implement the Most Effective Measures in Attracting FDI Flows”. These reports enhanced the transparence of ASEM partners’ domestic investment facilitation systems by introducing respective investment regulations and new-enforced investment policies.

Aiming at promoting trade and investment facilitation between Asia and Europe, the ASEM also reinforced the cooperation among the ASEM partners’ business sectors. As the follow-up actions authorized by the ASEM summit meetings, the comprehensive communication and regular seminars had been mechanized gradually between the Asian-European SMEs (Small and Medium Sized Enterprises) and those private economic sectors. This mechanism contributed to reduce regional information sharing costs which is vital for low-assets-low-profits SMEs to do business between the two continents.

Currently, the volume of two-way trade between Asia and Europe has surpassed that of trade between America and EU, although the relatively high barriers still exists between the two continents. In view of the difficulty in realizing the ambitious goals of trade liberalization, the ASEM member countries should promote greater two-way trade and investment flows through implementation of specific and material trade and investment facilitation action measures. It will construct consolidated foundations for the maintainable economic growth for both continents. To realize this object, the ASEM member countries need adopt the following measures:

Consulting with APEC’s Second Trade Facilitation Action Plan (APEC TFAP II), to draw up and implement specific time-table for the Asian-European trade and investment facilitation action plans and to identify its unambiguous scopes of trading cost reducing;

In aspect of Customs Procedures, to urge all ASEM partners to further implement WCO SAFE Framework initiated by the World Customs Organization (WCO)；to promote the ASEM member countries to enhance the efficiency in submission of documents for imports/exports through implementing the Single Window mechanism；and to assist the ASEM developing members’ participation to the communication and cooperation on Customs information sharing through conducting relative capacity building projects;

In aspect of standards and conformity assessment, to further promote best regulatory practices and update the Working Group on Standards and Conformity Assessment (SCA WG) guidelines adopted in 2000, to promote SMEs’ effective access to regional communication and cooperation in aspect of standards and conformity assessment, and to enhance mutual understanding and policies coordination on environmental technical regulations and standards; and to promote and assist the ASEM developing members to meet the requirements of the ASEM Standards and Conformity Assessment Measures through conducting relative capacity building projects and technical assistance programs;

In aspect of electronic commerce, to develop the interoperable universal standards on electronic commerce; and to promote the awareness of new technology application by ASEM member countries, such as Radio Frequency Identification (RFID);

In aspect of protection of intellectual property rights, to develop an effective approach to law enforcement on well-known marks, which involves judicial authorities, police and customs as well as relevant departments and agencies relating to IPR enforcement, so as to promote further IPR communication and cooperation among ASEM partners;

In aspect of investment promotion, to hold the ASEM Investment Promotion Agencies Roundtable Meeting; to promote all ASEM partners’ effective access to the ASEM Trade and Investment Forum on Ocean and Marine Fishery; and to conduct the ASEM dialogue and communication among member countries’ investment promotion network.