In April 2021, the European Council signed the new EU strategy for cooperation in the Indo-Pacific, which reinforces the EU strategic focus on the fast-growing region, which includes ASEAN.
The European Union wishes to build on a rules-based international order, based on agreed standards, with an open and fair environment for trade and investment – in both directions, improvement of competitiveness and resilience and with a strong “green” focus.
While much of the strategy includes policies on security and defence, cyber activities, and the effects of the COVID-19 pandemic in the region, a significant element includes progress towards multilateralism and interregional cooperation.
Along with trade, sustainability is also going to be a major element in the new European approach and the strategy also refers to green investments and potential mobilisation of the European Fund for Sustainable Development Plus that could be leveraged in ASEAN, transforming the economy as part of a post-pandemic reconstruction, and enabling the region to achieve the Agenda 2030 targets.
The EU is pushing a new growth strategy transforming Europe into a modern, resource-efficient and competitive economy, with a target of zero net emissions of greenhouse gases by 2050. This involves huge investments into environmentally friendly technologies, cheaper and healthier forms of private and public transport, decarbonisation of energy and importantly for ASEAN countries, working to improve global environmental standards.
Source: The Star
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May 23, 2021
