The Fort Worth Press - EU vows investment in push to boost SE Asia ties

USD -
AED 3.673008
AFN 64.503214
ALL 80.819685
AMD 361.405228
ANG 1.789785
AOA 917.000132
ARS 1525.743205
AUD 1.42204
AWG 1.80125
AZN 1.694926
BAM 1.741787
BBD 2.015015
BDT 123.745402
BGN 1.747831
BHD 0.377604
BIF 3000.997453
BMD 1
BND 1.278059
BOB 11.730759
BRL 5.0336
BSD 1.000472
BTN 94.559477
BWP 13.70595
BYN 2.971479
BYR 19600
BZD 2.012094
CAD 1.40468
CDF 2315.999614
CHF 0.823985
CLF 0.02484
CLP 977.639757
CNY 6.67805
CNH 6.673855
COP 3194.48
CRC 455.529135
CUC 1
CUP 24.010794
CVE 98.199695
CZK 21.58565
DJF 177.720049
DKK 6.651515
DOP 61.440772
DZD 134.600855
EGP 54.383604
ERN 15
ETB 163.87083
EUR 0.88984
FJD 2.253797
FKP 0.747587
GBP 0.74635
GEL 2.589651
GGP 0.747587
GHS 11.660299
GIP 0.747587
GMD 73.49688
GNF 8854.987666
GTQ 7.645587
GYD 209.311853
HKD 7.846885
HNL 26.857072
HRK 6.703799
HTG 131.084908
HUF 325.065498
IDR 18027.05
ILS 3.088402
IMP 0.747587
INR 94.43255
IQD 1516.6493
IRR 1832374.999738
ISK 121.269746
JEP 0.747587
JMD 158.780625
JOD 0.709015
JPY 158.134988
KES 129.859579
KGS 87.449845
KHR 4068.146802
KMF 439.503571
KPW 899.999961
KRW 1325.979763
KWD 0.31018
KYD 0.833753
KZT 446.890557
LAK 22518.390538
LBP 89591.044298
LKR 332.14739
LRD 170.580744
LSL 16.412051
LTL 2.95274
LVL 0.60489
LYD 6.419294
MAD 9.819615
MDL 17.998442
MGA 4521.489767
MKD 54.903951
MMK 2099.21541
MNT 3597.533576
MOP 8.085932
MRU 40.128421
MUR 47.319959
MVR 15.459751
MWK 1734.751129
MXN 18.645615
MYR 4.081198
MZN 63.902977
NAD 16.412051
NGN 1331.830194
NIO 36.816372
NOK 9.371645
NPR 151.295341
NZD 1.75332
OMR 0.384501
PAB 1.000481
PEN 3.438421
PGK 4.479652
PHP 63.399499
PKR 276.89823
PLN 3.87625
PYG 5756.677086
QAR 3.647261
RON 4.753003
RSD 104.53802
RUB 82.104013
RWF 1478.615162
SAR 3.748965
SBD 8.07458
SCR 13.97401
SDG 601.492558
SEK 9.878845
SGD 1.27707
SHP 0.7473
SLE 23.919966
SLL 20969.504398
SOS 571.749178
SRD 37.735499
STD 20697.981008
STN 21.819089
SVC 8.754392
SYP 13001.999685
SZL 16.418788
THB 33.570497
TJS 9.214157
TMT 3.51
TND 2.986543
TOP 2.40776
TRY 49.598465
TTD 6.792416
TWD 32.411301
TZS 2644.999678
UAH 45.047334
UGX 4207.076509
UYU 40.164934
UZS 11975.562621
VES 879.788897
VND 25856.5
VUV 119.136032
WST 2.774679
XAF 583.696876
XAG 0.017313
XAU 0.000241628771
XCD 2.70255
XCG 1.803058
XDR 0.707052
XOF 583.696876
XPF 106.20998
YER 236.101147
ZAR 16.360597
ZMK 9001.202969
ZMW 20.069287
ZWL 321.999592
SSP 5787.554334
MXV 2.10465
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

EU vows investment in push to boost SE Asia ties
EU vows investment in push to boost SE Asia ties / Photo: © AFP

EU vows investment in push to boost SE Asia ties

The EU vowed billions of dollars of investment in southeast Asia Wednesday, as leaders looked to bolster ties at a summit in the face of the Ukraine war and challenges from China.

Text size:

The European Union billed its first full summit with the Association of Southeast Asian Nations (ASEAN) in Brussels as a chance to push trade relations with the region's fast-growing economies.

"There might be many, many miles that divide us, but there are much more values that unite us," European Commission President Ursula von der Leyen told the gathered leaders.

But different opinions over Russia's war in Ukraine and concerns about tensions with China over a key shipping route for global trade loomed over the meeting.

The EU has been on a diplomatic push to galvanise a global front against Moscow as its invasion has sent economic and political shock waves around the world.

ASEAN's 10 nations -- nine of which were represented, after Myanmar's junta was not invited -- have been divided in their response to the Kremlin's war on Ukraine.

Singapore has gone along with Western sanctions on Russia, while Vietnam and Laos, which have close military ties to Moscow, have remained more neutral.

Along with Thailand, they abstained from a United Nations vote in October condemning Russia's attempted annexation of regions of Ukraine seized since February.

The diverging views led to intense wrangling over a final declaration from the summit as the EU pushed for stronger language to condemn Moscow.

A draft of the final statement said "most members" decried Russia's war, but conceded there were also "other views and different assessments".

- China looms -

While Europe pressed for a tougher response to Russia, another global giant figured prominently at the summit.

Chinese claims over the South China Sea have set it against some neighbours and sparked fears in Europe over trade flows through the key global thoroughfare.

But China remains the biggest trade partner for ASEAN and many in the region are wary of distancing themselves from their giant neighbour.

The EU is keen to pitch itself as a reliable partner for southeast Asia's dynamic economies amid the growing rivalry between Beijing and Washington.

The EU and ASEAN are each other's third-largest trading partner and Europe sees the region as a key source for raw materials and wants to increase access to its booming markets.

EU nations are pushing to diversify key supply chains away from China as the war in Ukraine has highlighted Europe's vulnerabilities.

Von der Leyen offered an investment package over the next five years worth 10 billion euros ($10.6 billion) under the EU's Global Gateway strategy designed as a counterweight to China's largesse.

"There is a battle of offers today in the geopolitical arena, not only a battle of narrative," said EU foreign policy chief Josep Borrell. "We have to offer more."

- Sex law furore -

ASEAN and the EU suspended their push for a joint trade deal over a decade ago -- but the bloc's top officials said they hoped to relaunch efforts for a broad agreement.

So far deals with Vietnam and Singapore are in place, and the EU is looking now to make progress with ASEAN's largest economy Indonesia and to resume talks with Malaysia, Philippines and Thailand.

One issue that risked clouding discussions was a new law in Indonesia criminalising sex outside marriage that has sparked fears for foreign visitors to country.

Indonesia's President Joko Widodo insisted though that the EU-ASEAN relationship needed to be based more on "equality".

"There must be no imposition of views," he said.

"There must not be one who dictates over the other and thinks that my standard is better than yours."

S.Rocha--TFWP