Economic &
Financial Pillar

ASEM is fully committed to the implementation of the UN Agenda 2030 on Sustainable Development in the execution of its own programmes that promote greater trade and investment between Asia and Europe.

ASEM’s multilateral approach in its work ensures that Leaders remain focused on increasing trade and investment within the WTO rules-based system. Hence, all ASEM’s economic and financial measures and initiatives have WTO goals at their core, goals such as keeping markets open, resisting all forms of protectionism, and ensuring free and open trade, to name a few.

ASEM is committed to improving labour standards, workplace safety, and other related human rights standards in the global supply chains that a growing number of workers worldwide are joining. ASEM believes that increasing labour standards in these supply chains can only improve value both for individual workers and the international economy.

Connectivity is a principle that cuts across economic, social and cultural areas and guides the meetings and work of ASEM Leaders. Economic connectivity refers to developments in the digital economy, increasing transportation links, and promoting innovation and technologies.

• Digital Economy
  There are unique benefits and challenges posed by the digital economy in areas such as tax and value creation. ASEM Finance Ministers meetings have addressed these & other relevant areas, guided by the international frameworks represented by the G20, the UN and the OECD.

• Transportation
  Physical connectivity between Asia and Europe, represented by transportation and infrastructure links, is an important concern for ASEM Leaders in their mission to promote economic growth and trade in the two regions. In this regard, ASEM has initiated several discussions at the Finance Minister-level to initiate concrete outcomes.

• Innovation and Technologies
  ASEM Leaders recognise the importance of science, technology and innovation in the fuelling economic growth and trade in Asia and Europe. It has therefore established the Trans-Eurasia Information Network (TEIN) to connect ICT infrastructure between Asia and Europe. The work of TEIN increases research exchanges and cooperation between the two regions through more effective, faster and powerful dedicated internet connections. ASEM has also set up the ASEM Cooperation Centre for Science and Technology Innovation to stimulate dialogue and exchange in science, technology and innovation.