If you live in one of those silent Brooklyn homes, then you may not have any idea about the interrelationship of different countries when it comes to trade and businesses.
ASEAN or Association of South East Asian Nation represents the European Union’s (EU) third largest partner after US and China having €206 billion worth of trade in services and goods in 2011. Meanwhile, EU follows China in ASEAN’s largest trading partner with 11% trade. The largest investor in ASEAN countries is EU with €9.1 billion average annual investment in years between 2000 and 2009.
ASEAN’s import machinery, textiles, cloth, agricultural chemical products and transport equipment to the EU. The Free Trade Agreement negotiations between the EU and Singapore took place in December 2012. On the other hand, EU is also having discussions and negotiations towards Free Trade Agreement with Malaysia, Thailand and Vietnam. The EU remains positive towards closing this agreement or even initiate negotiation with different trade partners in the region. Furthermore, the EU finances projects of ASEAN that revolve around trade.
The individual ASEAN members are not only negotiates with EU as they are also open to negotiate agreements to the ASEAN region as a whole. There have been discussions, dialogues and seminars as well as maintained cooperation among the countries involve.