GBP's Interviews

Volker Friedrich engages with Chris Humphrey, CEO of the EU-ASEAN Business Council, to discuss the evolving relationship between the European Union (EU) and the Association of Southeast Asian Nations (ASEAN). Drawing from his years of advocacy for European businesses in the region, Humphrey sheds light on both the significant opportunities and pressing challenges shaping this important partnership.

Opportunities:

The EU and ASEAN have integrated the economies of their member states into a single market, totalling more than 450mn consumers in the EU and over 650mn consumers in ASEAN

In 2021, ASEAN represented the EU’s third-largest trading partner, accounting for more than €215.9bn of trade in goods

The EU is ASEAN’s third-largest trading partner, accounting for around 10.6% of ASEAN trade, while ASEAN is the EU’s third-largest trading partner outside Europe with bilateral trade in goods and services reaching €200 billion in 2021

The EU is the biggest investor in ASEAN countries, with Foreign Direct Investment (FDI) stocks into ASEAN accounting for €313.6 billion in 2019

The EU is a major development cooperation partner of ASEAN and its support for ASEAN’s integration process is ongoing.

The EU and ASEAN became Strategic Partners in 2020, opening a new chapter in their longstanding relationship.

Interested in the current dynamics between the European Union (EU) and the Association of Southeast Asian Nations (ASEAN)? Listen to Volker Friedrich in conversation with Chris Humphrey.

To effectively address the challenges, it is essential to promote people-to-people exchanges, accelerate trade agreements, and improve connectivity. The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) engage in regular dialogues to exchange best practices, address key issues, and ensure the smooth functioning of their partnership.

In conclusion, the EU and ASEAN share not only a deeply interconnected present but also a promising future, underpinned by integrated economies, common values, and shared principles. While challenges remain, there are significant opportunities to deepen cooperation and reinforce the partnership for mutual benefit.