2022 proved to be a bumper year for EU-ASEAN economic relations. Collectively, ASEAN is the EU’s third largest trade partner after China and the US. Since ASEAN has extensive trade and investment ties with the EU, bilateral trade in goods and services totaling €272 billion in 2022 with machinery, transport equipment, and agricultural products constituting ASEAN’s main export to the EU. It makes the EU the third largest trading partner of ASEAN. The EU collectively is also the biggest investor in ASEAN, with a total Foreign Direct Investment (FDI) of €313.6 billion in 2020.