With the theme “Deepening ASEAN-EU Trade: Sustainable Development for All”, the 10th ASEAN-EU Business Summit held in Brussels, Belgium, on December 13, highlighted the substantial potential of the ASEAN market and the major opportunities to promote trade and investment cooperation between the two parties.

The EU is currently ASEAN’s third-largest trading partner, with two-way trade reaching nearly $269 billion in 2021, a year-on-year increase of 18.6 per cent. It ranked second in terms of total direct investment in ASEAN in 2021, with some $26.5 billion, up 42.9 per cent year-on-year.

Addressing the Summit, Prime Minister Pham Minh Chinh suggested that enterprises strengthen their connectivity and that countries harmonize regulations based on a principle of harmonious benefits and shared risks between the State, businesses, and the people.

Regarding climate change, he emphasized that the issue requires a global approach and that all related policies must target people and businesses, which themselves must actively participate in the implementation of such policies.

As the trade relationship between the EU and ASEAN develops comprehensively in terms of scale, scope, and nature, member countries must further improve the legal corridor and create the best possible foundation and conditions for businesses to continue increasing their capacity, creativity, and responsibility and improve upon results already achieved.

According to the Prime Minister, enterprises should focus on fields such as digital and the green and circular economy; climate change response; food and energy security; and cybersecurity, with priority given to the development of wind and solar power.

They must also play a part in ensuring social security, pay due regard to vulnerable groups to make sure no one is left behind, and promote business culture and ethics.

Mr. Charles Michel, President of the European Council (EC), stressed the need for a new approach to the development issue, especially in the exploitation of digital resources, adding that great attention should be paid to climate change response and environmental protection during the economic development process.