Global Biz

ASEM summit kicks off in Brussels

(Xinhua)
Updated: 2010-10-05 06:25

BRUSSELS - Asian and European leaders launched the 8th Asia-Europe Meeting (ASEM) summit in Brussels on Monday, with global financial and economic governance and sustainable development high on the agenda.

European Council President Herman van Rompuy said at the opening ceremony that "the European Union is committed to be a stronger actor on the world stage and a stronger partner for Asia."

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He told the leaders that the 27-member bloc decided it "needs to look East. Not only in words, but also in facts."

Van Rompuy, chairman of the two-day summit, said that the meeting would be dominated by global economic governance, sustainable development, as well as international and regional issues.

"Trust is the only basis of true cooperation. Confidence between our countries and between Europe and Asia," he said.

Chinese Premier Wen Jiabao delivered a speech at the opening ceremony, calling for advancing Asia-Europe cooperation from a strategic and long-term perspective.

Asian and European countries should strive to ensure steady recovery of the world economy, Wen said, adding that they also need to promote economic restructuring, gradually remove the systemic and structural risks, enhance fiscal sustainability and build internal drivers of economic growth.

ASEM partners must work together to reform the international economic and financial systems, the premier noted.

European Commission President Jose Manuel Barroso urged European countries and their Asian partners to strengthen cooperation to address acute global challenges, ranging from the global financial crisis to climate change.

The ASEM, launched in 1996 and meets every two years, groups 48 members, including the European Commission and the ASEAN Secretariat, 28 European countries and 18 Asian countries.

EU statistics show that the 48 ASEM partners now represent about half of the world's economic output, almost 60 percent of the world's population and 60 percent of global trade.