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BRUSSELS, Oct 4 (Reuters) - EU leaders homed in on businessopportunities with Asia's fast-growing economies on Monday,looking towards trade pacts with India, Vietnam, Malaysia andThailand after a ground-breaking deal with South Korea.
The European Union and Asia account for more than 60 percentof world trade, with a growing dominance of trade flows into andout of China.
Europe's first bilateral trade agreement in Asia -- to besigned with South Korea on Wednesday -- would pave the way forother trade pacts in the region, the president of the council ofEU states, Herman Van Rompuy, said.
"It will boost economic relations between the European Unionand other Asian economies as well," he said at the opening of atwo-day EU-Asian summit.
The EU will launch formal talks on Tuesday on a trade dealwith Malaysia, while Indian Vice President Hamid Ansari and VanRompuy expressed a "clear wish" on Monday to push ahead withsuch an agreement, EU officials said.
EU Commission President Jose Manuel Barroso told briefingsthat Brussels was also keen to launch trade talks with Vietnam"as soon as possible", as well as with Thailand.
Malaysian Prime Minister Najib Razak said Europe should usethe momentum of the deal with Seoul to seek other footholds inAsia and avoid being "mesmerised by opportunities in China".
Like China, other Asian states have registered positivegrowth through the economic crisis and are home to growingconsumer markets, creating opportunities for European exportersof cars, fashion, telephones, environmental technology, bankingand construction services.
Europe hopes trade pacts with Asia will allow it to imposeenvironmental and anti-counterfeiting rules to secure Europeandominance of technology sectors and guarantee intellectualproperty when European firms invest abroad.
Asian nations are looking to open European markets formanufactured goods and allow developing nations to diversifyaway from raw material exports.
"Our small and medium enterprises will have opportunities toexport, and it's good for our commodities as well," Malaysia'sRazak said.
EU ENVIRONMENTAL LAWS UNDER FIRE
Regardless of momentum, trade agreements often take years tocomplete. Hurdles to be overcome were already apparent at thesummit, among them recent European measures to raise importtariffs on industrial imports into Europe, and the bloc'sdemands on environmental protection and human rights.
A draft statement due to be agreed at the two-day meetingsaid laws by individual states to combat climate change shouldnot get in the way of trade between Europe and the Asian region.
"Sustainable development policies, including environmentalmeasures, (should) not lead to arbitrary or disguisedrestrictions on international trade," it said.
Europe has come under fire from several trading partners forenvironmental regulation, such as that on sustainable energyproduction, that could make it harder for energy-intensiveexporters to gain access to the EU market.
Malaysia, meanwhile, wants to remove EU objections toimports of its palm-oil based biofuel.
Malaysian hopes of supplying Europe's booming demand forsuch fuels have been frustrated by EU science that sayspalm-oil-based biofuel from the Asian country harms theenvironment -- science which Malaysia disputes.
"Rules should be based on scientific evidence," Malaysia'sRazak said. "We hope that we will not be unduly penalisedbecause of certain misinformation."
The EU will also come under pressure from Asian states overits human rights requirements in trade negotiations.
Any trade talks will open debate about the EU's applicationof trade rules, which exporters -- notably in China -- havebranded protectionist. The EU has launched a slew of measures inrecent months to raise duties on Asian imports, from fibreglassused in wind turbine production, to car wheels and wirelessmodems.
FOXBusiness.com - EU-Asia summit boosts calls for free trade pacts
The European Union and Asia account for more than 60 percentof world trade, with a growing dominance of trade flows into andout of China.
Europe's first bilateral trade agreement in Asia -- to besigned with South Korea on Wednesday -- would pave the way forother trade pacts in the region, the president of the council ofEU states, Herman Van Rompuy, said.
"It will boost economic relations between the European Unionand other Asian economies as well," he said at the opening of atwo-day EU-Asian summit.
The EU will launch formal talks on Tuesday on a trade dealwith Malaysia, while Indian Vice President Hamid Ansari and VanRompuy expressed a "clear wish" on Monday to push ahead withsuch an agreement, EU officials said.
EU Commission President Jose Manuel Barroso told briefingsthat Brussels was also keen to launch trade talks with Vietnam"as soon as possible", as well as with Thailand.
Malaysian Prime Minister Najib Razak said Europe should usethe momentum of the deal with Seoul to seek other footholds inAsia and avoid being "mesmerised by opportunities in China".
Like China, other Asian states have registered positivegrowth through the economic crisis and are home to growingconsumer markets, creating opportunities for European exportersof cars, fashion, telephones, environmental technology, bankingand construction services.
Europe hopes trade pacts with Asia will allow it to imposeenvironmental and anti-counterfeiting rules to secure Europeandominance of technology sectors and guarantee intellectualproperty when European firms invest abroad.
Asian nations are looking to open European markets formanufactured goods and allow developing nations to diversifyaway from raw material exports.
"Our small and medium enterprises will have opportunities toexport, and it's good for our commodities as well," Malaysia'sRazak said.
EU ENVIRONMENTAL LAWS UNDER FIRE
Regardless of momentum, trade agreements often take years tocomplete. Hurdles to be overcome were already apparent at thesummit, among them recent European measures to raise importtariffs on industrial imports into Europe, and the bloc'sdemands on environmental protection and human rights.
A draft statement due to be agreed at the two-day meetingsaid laws by individual states to combat climate change shouldnot get in the way of trade between Europe and the Asian region.
"Sustainable development policies, including environmentalmeasures, (should) not lead to arbitrary or disguisedrestrictions on international trade," it said.
Europe has come under fire from several trading partners forenvironmental regulation, such as that on sustainable energyproduction, that could make it harder for energy-intensiveexporters to gain access to the EU market.
Malaysia, meanwhile, wants to remove EU objections toimports of its palm-oil based biofuel.
Malaysian hopes of supplying Europe's booming demand forsuch fuels have been frustrated by EU science that sayspalm-oil-based biofuel from the Asian country harms theenvironment -- science which Malaysia disputes.
"Rules should be based on scientific evidence," Malaysia'sRazak said. "We hope that we will not be unduly penalisedbecause of certain misinformation."
The EU will also come under pressure from Asian states overits human rights requirements in trade negotiations.
Any trade talks will open debate about the EU's applicationof trade rules, which exporters -- notably in China -- havebranded protectionist. The EU has launched a slew of measures inrecent months to raise duties on Asian imports, from fibreglassused in wind turbine production, to car wheels and wirelessmodems.
FOXBusiness.com - EU-Asia summit boosts calls for free trade pacts
