CASE STUDY /
Greece, Europe move towards enhanced trade with Asian nations
Amid global uncertainty in international trade, Greece is working to secure new markets for exporters in Asia in lockstep with European Union efforts to expand trade with the fast-growing economies of the region.
In late September, Enterprise Greece signed a memorandum of cooperation with the Hellenic–ASEAN Business Council to develop commercial ties, and this month held a seminar for Greek exporters on trade with Asian countries. The moves follow two recent Free Trade Agreements the EU has signed with Vietnam and Singapore, and after it concluded negotiations on a third FTA with Indonesia that could come into force next year.
Likewise, EU negotiators are closing in on an FTA with India that may be reached by December, and have launched talks with the Philippines, Malaysia and Thailand with the goal of implementing those deals by 2027. The EU also has existing FTAs with Korea, Japan and New Zealand.
The uncertainty wrought by U.S. President Donald Trump’s tariffs and their impact on global trading rules have lent a new urgency to bilateral agreements between the EU and its trading partners in Asia. Among them the 10 members of the ASEAN regional bloc of Southeast Asian nations.
ASEAN is one of the most dynamically growing markets in the world, with a population of more than 670 million and a GDP of more than $4 trillion. It offers significant opportunities for Greek export businesses, especially in the fields of agri-food products, pharmaceuticals, building materials, shipping and logistics, information and communication technologies, as well as tourism.