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In 2022, the European Union–Association of Southeast Asian Nations (ASEAN) dialogue partnership celebrated its 45th anniversary. The same year saw the 55th anniversary of the founding of ASEAN. The ASEAN region currently collectively amounts to the world'sBriefing - Trade negotiations between the EU and ASEAN member states - 01-12-2023
In 2022, the European Union–Association of Southeast Asian Nations (ASEAN) dialogue partnership celebrated its 45th anniversary. The same year saw the 55th anniversary of the founding of ASEAN. The ASEAN region currently collectively amounts to the world's fifth largest economy, a dynamic economic area home to more than 680 million consumers. To secure better access to opportunities in the region's market, the European Union (EU) started negotiations with ASEAN for a region-to-region free trade agreement (FTA) in 2007. After negotiations were suspended in 2009, the EU decided to pursue bilateral trade agreements with the individual ASEAN member states. To date, six have begun talks on bilateral FTAs with the EU: Singapore and Malaysia in 2010; Vietnam in 2012; Thailand in 2013; the Philippines in 2015; and Indonesia in 2016. Negotiations have already been concluded and FTAs entered into force with two of these countries, Singapore and Vietnam, in November 2019 and August 2020, respectively. Negotiations continue with Indonesia, the Philippines and Thailand, while talks are currently on hold with Malaysia In the longer term, these bilateral FTAs would allow the establishment of a region-to-region FTA, which remains the EU's ultimate ambition. By bringing together two of the world's largest economic areas, the agreement would establish a free trade area with a combined market of more than 1 billion people. It is in the EU's interest to strengthen its economic cooperation with ASEAN, in order to maintain its competitive position in this dynamically developing region. Closer trade and investment relations could also pave the way towards the EU's goal of a strategic partnership between the two regional blocs, encompassing political as well as economic cooperation. This briefing updates a previous edition, drafted by Krisztina Binder, from November 2020. Source : © European Union, 2023 - EP Read more
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