Asia matters to Europe: home to the world’s largest population and fastest-growing economies, Asia is a major trade partner of the EU. Recognising this, the EU has promoted the Asia-Europe Meeting (ASEM), established five strategic partnerships – including with the Association of South-East Asian Nations (ASEAN) – and negotiated or concluded free trade agreements with several Asian countries.
In September 2018, the EU adopted a joint communication on ‘Connecting Europe and Asia – Building blocks for an EU strategy’. The strategy proposes that the EU engage with its Asian partners through a sustainable, comprehensive and rules-based approach to connectivity, exploiting existing and planned EU networks. It acknowledges the presence of a significant investment gap in connectivity and recognises the need to mobilise and strengthen cooperation with private investors, national and international institutions, and multilateral development banks.
Analysts welcomed the strategy as the EU response to China’s Belt and Road Initiative (BRI). This initiative has been raising concerns in the EU and in several participating countries, some of which are worried about possible ‘debt traps’. Echoing these concerns, the European Parliament has warned that the 17+1 format of cooperation between China and 17 central and eastern European countries could undermine the EU’s common position towards Beijing. In January 2021, MEPs called for the creation of a global EU connectivity strategy as an extension of the current EU-Asia connectivity strategy.
In September 2019, the EU and Japan launched the EU-Japan Partnership on Sustainable Connectivity and Quality Infrastructure. In December 2020, the EU and ASEAN issued a joint ministerial statement on connectivity. Financing Europe-Asia connectivity is a key challenge in the years to come, together with the challenges highlighted by the coronavirus crisis. This is a revised and updated edition of a briefing from October 2018.
Source : © European Union, 2021 – EP