The AEMM issued a Joint Declaration containing an action plan for cooperation over the next few years. The Declaration emphasised, among others, the economic potential of the two regions and encouraged greater ASEAN-EU private sector cooperation through business networking and joint ventures. To operationalize the policies stated in the Joint Declaration, the EU indicated the need to convene the ASEAN-EU Joint Cooperation Committee at an early date.

Implementation of the Institutional Development Project for the ASEAN Secretariat continued successfully during the year under review. This project is aimed at developing capability and methodology for regional policymaking. This would be achieved through a familiarization programme of the ASEAN Secretariat professional staff with a network of relevant institutions from the European Union.

Some new projects have been initiated under the ASEAN-EU Dialogue. The Junior EU-ASEAN Managers (JEM) Programme aims to serve as a "human bridge" between the two regions at the level of the privatesector. The Programme expects to involve 675 ASEAN and 300 EU participants. The EU bears two-thirds of the financial costs while the remaining one-third is borne by the participating companies.

The Asia-URBS Programme is aimed at enhancing cooperation between EU and Asian local authorities. The main objectives of the programme are to promote technical assistance and technology transfer to create durable links between European and Asian cities. It would cover implementation of projects in the field of urban socio-economic development, urban environment and urban infrastructure.

The Report of the ASEAN-EU Eminent Persons Group (EPG), established in 1994, was presented to the AEMM. The report, A Strategy for a New Partnership, put forward ideas and recommendations on how to intensify ASEAN-EU relations over the long-term. Detailed consideration of this Report is expected to be undertaken in the future meetings of appropriate bodies between ASEAN and EU.