In 2001 the European Commission set out a strategy for co-operation with Asia entitled: "Europe and Asia: A Strategic Framework for Enhanced Partnership" (COM(2001) 469 final). This strategy updated the mechanism established by the 1994 Communication entitled 'Towards a New Asia Strategy', taking account of the new developments in the region.

The document set outs a comprehensive strategic framework for relations between Asia, its regions and the EU, with the aim of strengthening the EU's political and economic presence in Asia, while recognizing the continent's diversity through different forms of partnership with different Asian countries.

The strategy identifies six objectives:

1. Contributing to peace and security in the region and globally, through a broadening of the engagement with the region and a more pro-active role by the EU in regional fora like the ASEAN Regional Forum (ARF).
2. Further promoting the mutual trade and investment flows with the region and dialogue on economic and financial policy. Also collaboration to achieve advancement of the international order, e.g. in the framework of the WTO, in particular to remove non-tariff barriers to trade and investments and to improve the business environment.
3. Fostering the development of the less prosperous countries of the region and addressing the root causes of poverty through the country strategy papers (CSPs) and the multi-annual development programs.
4. Contributing to the protection of human rights and to the spread of democracy, good governance and the rule of law.
5. Constructing global partnerships and alliances with Asian countries, in appropriate international fora, to help address both the challenges and the opportunities offered by globalization, and to strengthen joint efforts on global environmental and security issues such as climate change, migration and terrorism.
6. Promoting increased awareness of Europe in Asia and vice versa, including by opening EC Delegations in Malaysia, Singapore, Cambodia, Laos and Nepal, and a representative trade office in Taiwan. Other strategies include the promotion of exchanges in education, culture and science as well as fostering inter-regional civil society contacts.