On October 8, 2004, leaders of all the parties present at the Fifth ASEM Summit Meeting held the First and Second ASEM Leaders' Meetings and the working luncheon of ASEM leaders, where they had in-depth discussions and reached a range of consensus on the international situation, new global challenges, the expansion of the ASEM Meeting and promoting Asia-Europe economic partnership against the background of globalization and open regionalism.

In the First Leaders' Meeting, participant leaders exchanged views on peace, security and stability, multilateralism, the UN's role, international terrorism, anti-proliferation of weapons of mass destruction and various threats in non-traditional security areas and expressed concern on the current complex and volatile political and security situations of the world.

The participant leaders paid particular attention to the issue of international terrorism and held that it is a severe challenge to lasting peace, security and development and Asia and Europe should strengthen cooperation in fight against terrorism. To respond to new global challenges, Asia and Europe should also enhance cooperative relations through extensive dialogue and close collaboration including those in the cultural area based on international law and the principle of mutual respect, equality and mutual benefit.

In the Second Leaders' Meeting, the participant leaders discussed macroeconomics and other issues. They unanimously hold that the huge potential in Asia-Europe cooperation is yet to be fully tapped and all the parties should further explore these potential to ensure the steady development of all the member states.

To enhance trade and investment between Asia and Europe, the leaders note that related parties should deepen current Asia-Europe cooperation in the trade and investment areas as well as in communications technology, energy resources, traffic and transportation, tourism, the protection of intellectual property rights and small and medium-sized enterprises in which all the parties share common interest and strengthen dialogue and cooperation in the financial sector in order to respond to possible financial turbulences.

On the same day, the ASEM leaders held broad discussions on ASEM's future at the working luncheon. The leaders were satisfied with the rapid development and significant achievements of the ASEM Meeting and concertedly noted that they will make relentless efforts to promote the ASEM dialogue and cooperation in a bid to give an even greater role to the ASEM Meeting in addressing regional an international issues.