At over 43 million square kilometres and 4.3 billion people, Asia is the world’s largest continent.  In other words, it covers 8.6% of the Earth’s total surface area, or 29.4% of its land area and it is home to nearly 60% of the world’s population.

But Asia is a lot more than a homogeneous physical or a religious entity. It has cultural and philosophical elements as well. 

Aside from the fact that Asia is home to the world’s highest mountain, Mount Everest, which reaches 8,848 metres, it is also a significant emerging economic powerhouse.

Some of Asia’s economies are very developed (Japan, South Korea, Singapore, Taiwan, Hong Kong), others are emerging and rapidly developing (China and India), while a few continue to face major economic challenges and remain partially unstable (Burma and Pakistan).

Overall, however, the economic growth achieved by Asia over the past two decades is nothing short of remarkable. Most of the Asian countries are now members of the World Trade Organisation (WTO) and many have achieved an average growth rate of 5% over the past 20 years.

What about economic relations between the European Union and Southeast Asia (ASEAN)?

The Dialogue Asia-Europe or ASEM (Asia-Europe Meeting) was created in 1996 during the summit of Bangkok. ASEM is an informal process of dialogue and co-operation bringing together the 28 EU member states and the European Commission with 16 Asian countries and the Association of Southeast Asian Nations (ASEAN) Secretariat (that is to say, the secretariat of the ASEAN and China, Japan and South Korea joined by Mongolia, India and Pakistan). This association addresses political, economic and cultural issues with the objective of strengthening cooperation and mutual assistance among its members, providing a forum to address regional issues and weighing in common international negotiations and promoting exports and economic development between the EU and ASEAN.

The next meeting between the EU and ASEAN is scheduled to take place in Milan, Italy, in September.

With a share of 31% of its total trade (21% if we exclude Japan and South Korea), the EU is now South East Asia’s largest trading partner. There is a big potential to conquer new markets and many countries in Europe see the opportunity to develop important trade.

Take for example Halal food for Muslims. Its market value is estimated at a whopping €114.6bn. Belgium, which is home to about 600,000 Muslims, is one of the most attractive markets in Europe. So is France where Auchan, Carrefour, Intermarché, Leclerc, Casino and Cora (hypermarket) already offer meat which is “Sharia compliant”. 

While Malaysia, for instance, is eager to become a leader in the global Halal market, there are still other markets that are not exploited and that can contribute significantly both in terms of growth and number of economic exchanges on both sides of the Pacific. One example is the raw materials that are very abundant.

In this period of economic austerity, in which Europe is struggling to return to a path of growth, the opportunity to develop a special partnership with ASEAN will undoubtedly provide new opportunities and access to the world’s largest market.