Economic cooperation is the basis and pillar of Asia-Europe cooperation, said Chinese Vice-Premier Wu Yi here Thursday.

Addressing the fifth Economic Ministers Meeting (EMM) of Asia-Europe Meeting (ASEM), Wu said ASEM is an important bridge between Asia and Europe.

She said since its inception in 1996, the ASEM, with the purpose of "establishing a new comprehensive Asia-Europe partnership and promoting common development," has been playing a positive and promotive role in strengthening the communication and collaboration among ASEM members by conducting political dialogue, economic cooperation and scientific, technical and cultural exchanges.

"It is becoming an important cooperation mechanism linking the two big continents," Wu noted.

The 25 ASEM member states, big in market potential and complementary in terms of economic development stage and natural resources, enjoy broad prospect of economic cooperation, she said.

Wu said "at a time when economic globalization and regional economic integration are gaining momentum, it is of great significance to deepen the Asia-Europe cooperation, give play to the comparative advantages of each other for the purpose of achieving common prosperity of the two continents."

She said the world economy is now at the stage of adjustment and recovery and she believed that during this meeting, the ministers will "build up wider consensus, find out more ways of cooperation to face up to the challenges together and make positive contribution to boost the world economy."

Wu said this session of the ASEM EMM, held not long before the World Trade Organization (WTO) Cancun ministerial meeting, is therefore "very important."

"It is always the mission of the ASEM to consolidate the multilateral trading system. If all members adopt the attitude of seeking common ground while putting aside differences, look for shared interests and form consensus on some issues covered by the new round, we can send positive signals to the Cancun Meeting facilitating the achievement of substantive results in Cancun. This will undoubtedly be a strong support to the multilateral trading system," Wu said.

(Xinhua News Agency July 24, 2003)