The eighth Asia-Europe Meeting (ASEM) summit opened in Brussels Monday with the Belgian King Albert II in attendance.

At this year’s ASEM summit, a biennial event to facilitate cooperation between Asia and Europe, leaders of 16 Asian nations including South Korean President Lee Myung-bak are there, while leaders of the 27 European Union member nations are participating as well.

Russia and Australia, which will become formal members of ASEM at this year’s summit, as well as the leader of New Zealand, the EU Commission, and the representative of the Association of Southeast Asian Nations (ASEAN) Secretariat are taking part.

In the runup to the G20 summit to be held November in Seoul, this year’s ASEM summit will likely be a venue for active debate on improving global financial and economic governance.