SINGAPORE -- The enlargement of Europe on May 1 was another historic milestone for the world's only "federal" entity of sovereign states sharing a common currency and an increasing number of foreign-policy and security attributes. Today's Europe stands at 25 nations with a combined population of 455 million and a gross domestic product of more than $12 trillion, surpassing the population and GDP of the United States.
The EU recently commemorated the visionary Schumann Plan as its "first cornerstone" (Coal and Steel Community), which passed May 9, 1950. The historic Treaty of Rome of 1957 then marked the first phase of European integration.
Asia's stake in an enlarged EU is tremendous. Not only has the EU become the most important trading partner for many of the region's trading nations, including China and Singapore, but it also represents a counterweight to the U.S. in economic, financial and political aspects of the global community. Investments and trade between Asia and the EU are set to grow significantly.