According to Yonhap News,

(SEOUL=Yonhap News) Economic leaders of Asia and Europe gathered in Seoul on Thursday for the Asia-Europe Meeting (ASEM) to discuss ways to tackle the rising protectionism in trade and to cooperate for the next industrial revolution, Seoul's commerce ministry said.

The seventh ASEM economic ministers' meeting that runs through Friday at the Convention and Exhibition Center in southern Seoul will be attended by economic ministers and senior officials from 51 nations. This is the first ministerial meeting to take place in 12 years.

The main theme of this year's meeting is "Reconnecting Asia-Europe: Innovative Partnership for Inclusive Prosperity."

A subregional meeting and a dinner reception will be held later in the day, and three plenary sessions will take place Friday.

The meeting is expected to provide an opportunity for Asia and Europe to discuss ways to promote trade and investment, as well as to come up with joint responses to rising protectionism.

Trade has been a major driver for economic growth in ASEM partners, the Ministry of Trade, Industry and Energy said, noting ASEM's share of global trade increased from 54 percent in 1995 to 64 percent in 2015.

The changing industry landscape led by digitalization will also be on the agenda, which requires joint cooperation in enhancing economic connectivity and digital infrastructure across borders.

For sustainable and inclusive growth, the policymakers will touch on the fourth industrial revolution and the new climate framework under the Paris Agreement aimed at reducing carbon emissions.

ASEM was established in 1996 to boost ties between Asian and European countries. It composes 20 Asian and 31 European nations, as well as ASEAN and the European Union.

On top of the biennial ASEM summit, the partners have held ministerial meetings on foreign affairs, finance, trade and culture.

The economic ministers' meeting was held six times from 1997-2005 to facilitate trade and investment, but none have been held since the Netherlands gathering in 2005.

By Kim Eun-jung

ejkim@yna.co.kr

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