Europe Eyes Asia for Economic Opportunities Amid US Rift

But senior EU official says transatlantic ties remain key

- Lin Suling

Mr Michael McGrath is a man on a mission. Arriving in Singapore fresh from a European Commission visit to India, his first diplomatic trip after assuming his new portfolio, his focus is razor sharp.

Asia is a "very important region for us, and we are anxious to deepen the level of cooperation across a range of different areas", he said in an interview with The Straits Times on March 3.

He praised Singapore as a vital trading partner and gateway to the Asean region, highlighting bilateral cooperation in areas such as digital trade and data flows.

This economic collaboration has broader significance. Referring to the recently concluded European Union-Singapore Digital Trade Agreement, he highlighted the deal as a "template" for their collaboration with other countries.

"We see the vast potential of the market in Asia and the potential that affords for European companies. It is a two-way relationship where the trade and investment flows are beneficial," said Mr McGrath, who is the European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection.

Is a further Indo-Pacific economic pivot in the offing?

"We have to look east as well as look west," the realist, who used to be Ireland's finance minister, added. Downplaying any de-emphasis in transatlantic ties, he pointed out that the US-Europe economic relationship remains a bulwark underpinning any EU economic strategy.

A TRANSATLANTIC RIFT

"It has been a difficult week," Mr McGrath nonetheless acknowledged, underscoring the palpable sense the transatlantic rift has deepened over the past week, after talks between US President Donald Trump and Ukrainian President Volodymyr Zelensky in Washington on Feb 28 disintegrated into a televised shouting match.