ASEM is expected to return to its original purpose

The Asia-Europe Meeting, whose 11th edition will be held in Ulan Bator, Mongolia, on Wednesday, should review its experiences and chart the direction for further development. As the largest inter-governmental cooperative mechanism between Asia and Europe, ASEM has made noticeable achievements since its establishment in 1996. Its members have increased from 26 to 53 and its influence has extended from Northeast, Central, Southeast and South Asia to large parts of Europe and Oceania.

ASEM accounts for more than 60 percent of the world's population, economic output and trade volume and comprises four of the five permanent UN Security Council members, seven of the world's top 10 economies and 12 of the G20 members. And the "mutual respect and equal dialogue" formula adopted by ASEM has been endorsed by the international community.

But despite such achievements, ASEM is yet to resolve a series of issues that may affect its further development. Given the rapid globalization and ever-rising appeals for better global and regional economic governance, ASEM may face a "survival crisis" if it does not define its development direction and promote pragmatic cooperation.