The Asia-Europe Meeting (ASEM) represents 62% of the global population, 57% of global gross domestic product, and 65% of global trade. Intraregional trade in goods and services, spurred by trade liberalisation and foreign direct investment, have proved to be a powerful engine for growth and participation in global value chains (GVCs). In the ASEM region GVCs have clustered around regional production hubs which are also top destinations for foreign direct investment (FDI). The key policy determinants of GVC trade in the ASEM region are deeper regional integration, trade liberalisation, improvements in the conduciveness of the business environment, and openness to FDI. Trade liberalisation has enabled Europe and Asia to participate in GVCs, significantly reducing tariff barriers to the trade of intermediate and final goods. Liberalisation of trade in services is a vital input for GVC production, adding value at each stage of the production process.rnrnThe ASEM Economic Ministers’ Meeting (EMM) can recognise the different business realities in Asia and Europe and rethink a complementary policy agenda for an open, transparent, and predictable trade and investment regime to leverage inclusive engagement in GVCs.