The ASEM: Managing the new framework of the EU's economic relations with East Asia

Preceded by the Asia-Pacific Economic Co-operation (APEC) forum and the New Transatlantic Agenda (NTA), the recently inaugurated Asia-Europe Meetings (ASEM) initiative completes the triangle of formalised relationships that now exist between the triadic regions (Europe, North America, East Asia). This paper analyses the ASEM's function within EU-East Asia economic relations and the wider implications carried for the world economy. It discusses the global and triadic context of these relations, considers the theoretical and practical aspects of inter-regional arrangements such as the ASEM, studies how existing bilateral economic relations between the two powers have evolved, how the ASEM's framework and processes have originated from these and finally the issues of compatibility and conflict associated with the ASEM. The paper argues that managing both bilateral and ASEM-level economic relations simultaneously may prove problematical, as would "one-on-one" inter-regional relations for the foreseeable future. The ASEM's potential to produce considersable positive and negative impacts upon the new multilateral order is also discussed. In conclusion, it is contended the EU has significantly more to gain from the ASEM initiative, not only in terms of its direct outcomes but also from the new symmetry it heralds for intra-triad relations.