Minister of Commerce Lu Fuyuan said yesterday that China's role as host reflected its commitment to regional economic co-operation and the multilateral trading system.

The meeting will also alleviate the negative impacts of SARS on China's economy, improve the country's international image and revive foreign investors' confidence in the market, said Lu.

He said China was invited to host the meeting because the country, with imports of around US$360 billion each year, has contributed greatly to the Asian-Pacific and world economy.

The meeting has 26 member economies: China, South Korea, Japan, seven members of the Association of Southeast Asian Nations, 15 members of the European Union and the European Commission.

China's trade with these members increased 18.8 per cent year-on-year to US$287.5 billion last year, according to Chinese customs statistics.

China's imports accounted for US$151.8 billion and exports US$135.7 billion.

The meeting members increased their investments in China by 26.3 per cent to US$13.9 billion last year, data from the Ministry of Commerce show.

The meeting is an important part of the Asia-Europe Meeting, which was first held in March 1996 to promote political dialogue, economic co-operation and scientific and cultural exchanges.

The meeting has had four sessions, biennially before 2001 and annually since 2001.

(China Daily July 15, 2003)