Europe and Asia have to foster growth through an enhanced partnership that facilitates trade and investment flows, finance ministers and representatives from 49 members of the Asia-Europe Meeting (ASEM) and the European Commission (EC) said here on Friday.

Opening the 11th ASEM finance ministers' meeting held in Italy's Milan, Italian Finance Minister Pier Carlo Padoan stressed the economic importance of the many synergies between ASEM members and urged them to work together.

He wished for a strengthening of financial and trade linkages between Europe and Asia to maximize the regions' gains associated to increased globalization.

In the meeting themed "A new strategic alliance to create sustainable and profitable growth", the ministers discussed on a range of issues of common interest, underlining the need for Europe and Asia to collaborate in boosting productivity.

They exchanged views on the recent economic and financial developments in Europe and Asia, and welcomed the growth-enhancing policies undertaken by European countries to support growth, as well as the steady recovery and overall good performance of Asian economies.

Acknowledging the mutual interdependence of their economies, the ministers warned they need to remain vigilant against the risks created by the possibility of heightened volatility of financial markets that could impact Asia and Europe.

Economic cooperation between Europe and Asia continues to be a major driver for global and regional growth, they agreed.

They underlined the importance of strengthening trade and investment relations between their regions, including by enhancing the role of the private sector, and in particular stressed the need of further strengthening regulatory financial cooperation between Europe and Asia.

The ministers reiterated their commitment to increase inter-regional investment and trade flows through the market economy, open multilateral trading systems, non-discriminatory liberalization and open regionalism, and committed to resisting protectionism in all forms.

Outgoing European Commissioner for Industry and Entrepreneurship Ferdinando Nelli Feroci told Xinhua on the sidelines of the meetings in Milan it was "a good sign" that Chinese actors have been "particularly active recently in buying shares in important industrial and financial companies in Italy."

"If a main protagonist in the world scene like China is investing in Italy, I think we should take this as a good sign that we are still an attracting country," he said.

"I am very much encouraged by the fact that China is investing in Italy," he told Xinhua.

"There is a lot of interest in Europe in developing further ties and links with China," he said. Endit

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