Europe needs to adapt itself to the rise of China and India, which represents both huge challenges and great opportunities, said Peter Stephens, Regional Communications Manager for East Asia and the Pacific Region at the World Bank, on Wednesday.

Speaking at an event organized by the Singapore-German Chamber of Industry and Commerce, Stephens observed that remarkable changes have taken place in Asia in recent years, especially in China and India.

He said that the rise of China and India has forced member states of the Association of Southeast Asian Nations (ASEAN) to come together and initiate dialogue on cooperation with the two countries, a process attractive to Australia and New Zealand as well.

Citing the economic restructure that the Singapore government decided to carry out three to four years ago as a good example, Stephens believed that European countries need to recognize, welcome and move forward to the reality, though pain is inevitable.

As for the current disputes on the textile and shoes issues between China and the European Union as well as the Unites States, Stephens pointed out that measures like tariff protection are not as effective as people thought to be.

Source: Xinhua