SEOUL, June 16 (Xinhua) -- The Asia-Europe Meeting (ASEM) conference of finance ministers officially started Monday on the resort island of Jeju of South Korea, to discuss cooperation and direction for future relations between nations of the two continents.

    The conference is the culmination of the 8th ASEM Finance Ministers' Meeting starting Saturday. A series of meetings and bilateral talks were held to exchange opinions on how to tackle the challenges facing the world economy.

    South Korean President Lee Myung-bak called for greater cooperation between ASEM member states in dealing with global issues, such as climate change and soaring prices for oil and grains.

    The president stressed the need for regional economic and financial cooperation and reiterated his government's determination to get free trade agreement deals with the United States, the European Union and other key trading partners, according to the Yonhap news agency.

    South Korean Finance Minister Kang Man-soo emphasized the importance of cooperation between the two continents under the current economic situation.

    "I believe that this year's meeting will provide an excellent opportunity to explore ways to address the current global economic situation and further strengthen mutual cooperation between Asia and Europe," Kang said.

    ASEM consists of 16 Asian members and 27 EU nations plus the European Commission and ASEAN (the Association of Southeast Asian Nations). ASEM partners represent 51 percent of the global gross domestic product and 62 percent of world trade.