KUALA LUMPUR, May 4 (Xinhua) -- The Association of Southeast Asian Nations (ASEAN) and the European Union (EU) issued a joint statement in Brunei on Friday, announcing the launch of negotiations on the ASEAN-EU Free Trade Agreement (FTA).

    The joint statement, which is available here, was issued after economic ministers from the 10 ASEAN member countries and EU Trade Commissioner Peter Mandelson met in Bandar Seri Begawan, capital of Brunei, for the 8th AEM(ASEAN Economic Ministers)-EU Consultation on Friday.

    "Ministers confirmed their shared desire to enhance economic relations by establishing a Free Trade Agreement (FTA) providing for comprehensive trade and investment liberalization," the statement said.

    "Ministers agreed to enter into the FTA negotiations mindful of our commitments, rights and obligations under our existing membership to multilateral, regional and bilateral agreements," it added.

    The two blocs said that the negotiating process will be based on a region-to-region approach which recognizes and takes into account the different levels of development and capacity of individual ASEAN members.

    They also said that a joint committee comprising senior officials from all ASEAN member countries and EU shall be established to develop the details of the modalities, work programs and time schedule for negotiating the ASEAN-EU FTA.

    The two sides agreed that throughout the negotiating process, measures will also be considered to support and strengthen the process of ASEAN economic integration.

    Mandelson told reporters after the consultation meeting that the negotiations would boost relations between EU and ASEAN, and had huge potential not only to deepen economic ties for both sides, but also to grow international trade as a whole and boost global economy.

    ASEAN officials also said that the move will significantly boost trade and investment exchanges between ASEAN and EU.

    The Association of Southeast Asian Nations (ASEAN) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

    The European Union has 27 member countries in Europe.