ABSTRACT
The Asia-Europe Meeting (ASEM) was inaugurated by the Bangkok summit in March 1996. In the tradition of the European Union's policy of cooperation with other countries and regions, ASEM is based on three pillars: political dialogue, economic cooperation, and the promotion of cooperation in the social and cultural fields. This chapter focuses on the economic fabric of ASEM. The outbreak of the East Asian crisis altered mutual expectations associated with ASEM. Lucrative infrastructure projects in East Asia were postponed, threatening the expected benefits of many European businesses. Market integration in East Asia has indeed has spurred the ASEM process. The ASEM partnership is important but not exclusive and, of course, does not aim to become exclusive. This conclusion is clearly testified to by the fact that all Asian ASEM partners are also members of an ASEAN as Asia-Pacific Economic Cooperation forum (APEC) well.
