By Yoon Ja-young
Around 400 leaders ― including trade and economic ministers of Asian and European countries ― will gather in Seoul in September to discuss measures for the region’s economic growth.
The Ministry of Trade, Industry and Energy said Wednesday that the seventh ASEM Economic Ministers’ Meeting (ASEM EMM) will be held on Sept. 21 and 22.
ASEM, or the Asia-Europe Meeting, has been discussing measures to strengthen ties between Asian and European countries since its launch in 1994. ASEM is comprised of 22 Asian and 31 European countries, including ASEAN and the European Union, and accounts for 59 percent of the world’s population, 65 percent of global trade and 57 percent of world gross domestic product (GDP).
On top of the ASEM summit, which is held every two years, there are ministerial meetings related to foreign affairs, finance, culture, and trade and economy.
ASEM EMM was especially dedicated to facilitating and expanding regional trade and investment and strengthening economic cooperation, but it has been suspended since 2005, when the sixth gathering was held in Rotterdam, in the Netherlands.
After general support from member countries to hold the seventh meeting in Korea, the ministry has been collecting opinions to choose the date and venue. Seven local governments ― Seoul, Busan, Incheon, Gwangju, Yeosu, Gyeongju and Jeju ― have applied to host the event.
The meeting is expected to attract much interest as economic and trade cooperation between the two continents is more crucial than ever, amid the global trade slowdown and increasing protectionism adding to uncertainties.
Promotion of trade and investment in the region, international cooperation to stop the expansion of protectionism and the strengthening of digital links, such as e-commerce, are likely to be on the agenda.
“We will actively develop a diverse agenda for cooperation, such as ways to cope with the fourth industrial revolution, climate change and capacity building of small and medium-sized firms within the region,” a ministry official in charge of preparing the meeting said. “The meeting will come up with concrete and visible outcomes.”