The Consultations were co-chaired by Dato Dr. Amin Liew Abdullah, Brunei's Minister at the Prime Minister’s Office and Minister of Finance and Economy II, and Valdis Dombrovskis, EU's Executive Vice President for an Economy that Works for People and Trade Commissioner.
"The Meeting noted the strong trade and investment relations between the two
regions," said the two economies in a joint media statement issued after the meeting.
The EU was ASEAN region’s second largest trading partner in 2020.
According to ASEAN preliminary data, the total bilateral merchandise trade between ASEAN and EU reached USD 226.2 billion in 2020, accounting for 8.5 per cent of ASEAN’s total merchandise trade while the total Foreign Direct Investment (FDI) flows from the EU into ASEAN amounted to USD 10 billion, which placed EU as the second largest external source of FDI among ASEAN’s Dialogue Partners after the US.
The Meeting also exchanged views on global and regional economic developments.
Noting the improved outlook of global economic and trade growth, the AEM and the EU Trade Commissioner stressed the importance of closer economic engagement to leverage on the momentum, and reaffirmed their commitment to strengthen economic cooperation between ASEAN and the EU.