The ASEM 4 summit in Copenhagen decided to establish a ‘Task Force for Closer Economic Partnership Between Asia and Europe‘ with the following mandate:

“…Leaders agreed to work towards a closer ASEM economic partnership. To this end, they tasked ASEM Coordinators to set up an action-oriented Task Force. Taking into account work already carried out within the ASEM economic pillar, this Taskf Force should consider three areas: Trade, Investment and Finance. These areas could include issues such as the creation of a Eurobond market in Asia and the use of the Euro as an international currency. The Task Force should consist of five experts from each of the two regions. Leaders requested that an interim report be prepared for submission to Foreign, Economic and Finance Ministers in 2003, with a view to submitting a final report to ASEM 5.”