The purpose of this chapter is to examine the impact of interregional dialogues in driving regionalism in Europe and Asia by analysing the interest and direction of regional actors involved in ASEM. The chapter will analyse the potential of ASEM’s interregional framework in a changing world as driving force of regionalism in both regions. It will examine the development of the relationship between Europe and Asia in ASEM and the possible challenges and implications facing both regions. It argues that ASEM should be further utilised as a common flexible framework for interregional initiatives aimed at addressing various transnational problems the world today is faced. This chapter is divided into three sections. The first provides background that has enhanced the proliferation of various forms of regional and interregional cooperation. It overviews the transformation of the contemporary world, characterised by the deepening of globalisation and proliferation of transnational problems. This has necessitated the enhanced role of various actors (global and regional international organisations, civil society organisations, private sector) and interaction among them. The dynamics unleashed by such phenomena highlighted the features of interdependence that formed the basis of ASEM’s foundation. Second, the chapter will overview of the role and interests of some of the member states and regional organisations of the two regions in ASEM, and the development of their relations within and around ASEM.1 It will also analyse the impact of ASEM’s interregional framework for both regions. Concluding remarks will provide an analysis of the track record of ASEM so far and its future prospects, emphasising the impor­ tance of the mutual understanding between the two regions through a long­ term dialogue process, which could ultimately serve as the basis for common values and goals.