SINGAPORE - The European Union (EU) will enhance its economic ties with ASEAN (Association of Southeast Asian Nations) countries, European Commissioner for Trade Cecilia Malmstrom said here Friday at the 6th ASEAN-EU Business Summit.

Malmstrom said EU would continue its efforts towards open trade, and highlighted the urgency to do so in the wake of the countermeasures by the United States, adding that they are also working toward an ASEAN-EU free trade agreement.

Malmstrom pointed out that EU stands as the ASEAN's second largest trading partner after China, and the region's largest investor, and the 2017 EU-ASEAN Business Sentiment Survey found out that 94 percent of the respondents believe that EU should accelerate the negotiation of FTAs with the ASEAN countries.

Singapore's Trade and Industry Minister (Trade) Lim Hng Kiang said that EU's GDP represented about one fifth of the global GDP, while the ASEAN countries enjoy robust economic growth and huge number of consumers.

Lim, who also chaired the ASEAN Economic Ministers' Retreat, noted that ASEAN's potential has yet to be fully realized and ASEAN should further strengthen its economic ties with the EU.

Singapore holds the rotating chairmanship of the ASEAN this year. The 6th ASEAN-EU Business Summit was attended by EU trade officials, ASEAN economic ministers and businessmen.