1-2 March Asia-Europe summit

Date: 07/03/1996

LEADERS of EU member states, seven ASEAN nations, China, Japan and South Korea declared their two-day meeting a success beyond expectation on matters economic, social and political.

TRADE was the number one issue. The two sides agreed to simplify customs procedures and work on making standards more similar. They also said they would try to reduce trade barriers and make access to their home markets easier, and agreed that small and medium-sized enterprises should be encouraged to cooperate.

ACKNOWLEDGING that two-way investment was too low, both sides agreed to set up a working group of public officials and private sector leaders within six months to launch an Asia-Europe investment promotion action. They also plan a conference on European investment in Asia on 1 April in Geneva.

TO keep the talks focused on business, summit participants ducked issues of human rights, labour laws, social development and democracy, and promised not to interfere in each other's internal affairs.

WITH three nuclear powers in their midst, the leaders agreed to cut nuclear weapons stockpiles around the world, ultimately eliminating the weapons. Their declaration attaches “particular importance to the early conclusion of the Comprehensive Test Ban Treaty in 1996”. Pledging greater cooperation on arms control, they drew up a partnership for greater growth aimed at building continental links “to contribute to peace, global stability and prosperity”.

CALENDARS are filling up for EU and Asian officials. Repeat performances of Bangkok are planned for 1998 in the UK and 2000 in South Korea. Foreign ministers have scheduled a meeting for next year, and economic ministers agreed on a 1997 meeting in Japan. Senior officials also plan meetings to promote economic cooperation between the two continents, especially in trade and investment.

BUSINESS leaders are also marking up their diaries. An Asia-Europe business forum is scheduled for this year in France. A second meeting should be held in Thailand.