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SINGAPORE: Trade between ASEAN member nations and the European Union (EU) is worth some 175 billion euros (almost US$240 billion) annually.
And the EU is looking to augment this by seeking free trade agreements with economies such as Singapore and Vietnam.
Formal talks are expected to begin later this month.
The EU Trade Commissioner Karel De Gucht is on a five-day visit to Asia, which also includes a stop in India, where he hopes to advance ongoing talks to improve market access.
Said De Gucht: "It is not an easy negotiation. Market is still a very important with India while agriculture is difficult, industrial products, financial services, so you have a bunch of sectors that are difficult to tackle."
He hopes that successful negotiations with economies such as Singapore, Vietnam and India will encourage other Asian states to open up talks.
The commissioner also said that the current debt crisis in Greece would not distract the EU from its trade objectives in Asia, adding that a spillover effect into other economies is unlikely.
"There is of course a problem with Greece. We will resolve this, but this is not going to impact whatsoever on our negotiating power in the world," he said. "What we are talking about is an economy of about 13 trillion Euros - that's the biggest economy in the world."
The EU has been pursuing bilateral agreements with individual economies since last year, when talks for an ASEAN-wide FTA stalled in 2008 due to political instability in Myanmar.
- CNA/yb
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