The European Union and the Association of Southeast Asian Nations said the two blocs would try to revive plans for a Free Trade Agreement (FTA) between them, as European countries look to tap the region’s strong growth. The EU and 10-nation Asean launched talks towards a pact in 2007 but abandoned the process two years later, with the EU opting instead to conduct bilateral negotiations with individual states. EU Trade Commissioner Cecilia Malmstrom said it was decided among the EU and senior Asean officials on Friday to establish a framework for talks to restart, but there was no so far no targeted time-frame. “Having a region-to-region agreement between EU and Asean is a long-term goal we’ve been discussing for many years. Asean is loosely modeled on the European Union, though it has yet to establish common standards like free movement of goods, capital and labor.

Source: Dhaka Tribune March 11, 2017 17:26 UTC