As part of our world economy programme at the Institute we are seeking to improve our understanding of the place of Pacific Asia in world trade and capital markets. This year, for example, we are contributing a paper on Hong Kong and Europe to an international study organised by the Institute of Developing Economies in Japan. Another focus of interest has been the role of direct investment by Japanese firms in the UK and elsewhere in Europe. This note reports on a discussion of current developments and topics for future research which took place at a meeting of the Members Forum on Monday 14th November. The meeting was attended by business leaders representing the corporate members of the Institute as well as Institute governors and staff. It is organised around the perception of Pacific Asia as seen from Europe or North America as example, challenge and opportunity.