ASEM Economic Ministers to Meet in China Late July

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Last updated at: (Beijing Time) Sunday, July 06, 2003

ASEM Economic Ministers to Meet in China Late July

The Fifth ASEM (Asia-Europe Meeting)Economic Ministers' Meeting will be held from July 22 to 24 in Dalian, a port city in northeast China.

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The Fifth ASEM (Asia-Europe Meeting)Economic Ministers' Meeting will be held from July 22 to 24 in Dalian, a port city in northeast China.

Yi Xiaozhun, director of the Department of International Trade and Economic Affairs of the Ministry of Commerce, said at a press conference here Friday that all 26 ASEM members will send delegates to the meeting, which will be chaired by Chinese Minister of Commerce Lu Fuyuan.

The meeting will focus on the global economic situation, economic and trade cooperation between Asia and Europe and the World Trade Organization (WTO).

The delegates will evaluate the impact of major current issues on Asian and European economies, put forward measures to deal withthe challenges presented by the global economic situation, and seek ways to restore confidence in global economic growth.

They will also discuss the integration of the regional economy, including the establishment of free trade zones, the influence of the eastward expansion of the European Union, and free and convenient trade and investment in the region.

Yi said the meeting will take place in a new international context. The global economy remains grim, despite some positive signs, and great efforts are still needed to achieve comprehensive recovery.

Moreover, the Iraq war and the outbreak of the severe acute respiratory syndrome (SARS) have brought new, unfavorable factors for the global and regional economies. The new round of WTO multilateral trade negotiations is proceeding with difficulty, and the multilateral trade system is facing serious challenges from trade protectionism.

Regional economic cooperation, featuring the establishment of free trade zones, is developing rapidly, and the introduction of the euro and the eastward expansion of the European Union are raising new questions about economic cooperation in Asia and Europe, Yi said.

China has been preparing for the meeting since last September and set up the organizing committee last April. The Chinese government has also taken measures to ensure that there is no threat from SARS, according to Yi.

The annual ASEM Economic Ministers' Meeting is an important component of the ASEM meeting, a regional cooperation forum that was founded in 1996. The meeting is a ministerial-level forum set up to guide trade and economic cooperation in Asia and Europe.

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