The South Korean government launched on Monday a preparatory committee to host next year’s Asia-Europe Meeting(ASEM) Economic Ministers’ Meeting(EMM).

The Ministry of Trade, Industry and Energy said the preparation and planning team of the 2017 ASEM EMM was launched at a Seoul hotel early in the day and held its inaugural meeting.

The launch of the committee was a follow-up measure to President Park Geun-hye’s proposal during the ASEM Summit meeting last month that South Korea will host next year’s ASEM EMM.  

During the launching ceremony, Trade Minister Joo Hyung-hwan emphasized the role of regional discussion platforms, such as ASEM, amid rising global economic uncertainty following Britain’s decision to leave the European Union(EU), and increased trade protectionism around the world.

In addition to the preparation for the event, the preparatory committee will develop the agendas of the EMM and search for presentable outcomes of regional cooperation through discussions with other member states.

The ASEM EMM has not been held since 2003.

ASEM consists of 51 countries from Asia and Europe, which account for 59 percent of the global population and 65 percent of global trade volume.