Chinese Prime Minister - Asia Call For Open Markets To Boost Trade - Bloomberg - Growth

European and Asian leaders called for unfettered commerce and warned against protectionism as the debt crisis threatens to undermine trade ties between the world s fastest and slowest-growing regions.

We must open our markets, French President Laos , where he is attending the Asia-Europe Meeting along with leaders from about 50 countries. The biggest threat is protectionism.

Europe s economic woes may exacerbate protectionist tendencies that make it harder to expand trade with its biggest commerce partner at a time when the U.S. and are forging new agreements, according to Fredrik Erixon, head of the European Centre for International Political Economy in Brussels. Apart from a trade deal with South Korea , the 27-member European Union has seen talks lag with China , Japan , India and Southeast Asian countries since 2007.

Europe needs to improve its policy toward the entire Asian region in order to take up a greater part of Asia s economic expansion, but we re not really seeing it, Erixon said by phone. The train is about to leave the station and Europe certainly isn t on it.

Europe s leaders face pressure to boost ties with Asia after U.S. President Barack Obama declared a pivot to the region and Australian Prime Minister unveiled a strategy last week to make her country a winner in the Asian century. At stake is safeguarding links that European economies are increasingly counting on, with the 19 Asian nations participating in a summit starting in Laos today accounting for 38 percent of the EU s total trade last year, up from 30 percent a decade ago.

Euro-Area Slowdown Trade Talks Stall Made in France Asia Help Driving Force Staggering Rise Enlarge image Chinese Prime Minister Wen Jiabao

Hoang Dinh Nam/AFP/Getty Images

Chinese Prime Minister Wen Jiabao reviews an honor guard during a welcoming ceremony at Wattay airport before the 9th Asia-Europe summit in Vientiane, Laos on Nov. 4, 2012.

Chinese Prime Minister Wen Jiabao reviews an honor guard during a welcoming ceremony at Wattay airport before the 9th Asia-Europe summit in Vientiane, Laos on Nov. 4, 2012. Photographer: Hoang Dinh Nam/AFP/Getty Images

Enlarge image Australia's Prime Minister Julia Gillard

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Gillard, Australia's prime minister, called for Australia to do more to take advantage of Asia s economic boom.

Gillard, Australia's prime minister, called for Australia to do more to take advantage of Asia s economic boom. Photographer: Ian Waldie/Bloomberg