Quick take: Leaders must now work together to ensure smooth transition: EU-Asean Business Council

BRITISH leaders and their European counterparts must work together "positively and quickly" to ensure a smooth transition in order to give confidence to the business communities in the UK, Europe and Asean following Britain's vote to exit the European Union.

On Friday, global financial markets dived as nearly complete results showed a 51.8/48.2 percent split for Britain leaving the EU.

Executive director of the EU-Asean Business Council (EU-ABC), Chris Humphrey, said in a release in Singapore that the EU-ABC has always worked to promote the development of trade and investment between Europe and Asean.

"...and we believe that, the EU and the UK will continue to increase their engagement with Asean,'' he said.

"Economic and trade ties have always been strong, with Europe by far the largest source of FDI (foreign direct investment) for Asean and also one of Asean's largest trading partners, and the UK a significant player in that relationship. Notwithstanding the outcome of the referendum, we see the long term trade and investment with Asean relationship growing, and going from strength to strength going forward."

The EU-ABC represents European businesses within the Asean region and is endorsed by the European Commission.