VIENNA (Xinhua) – Finance ministers from the European Union (EU) and 13 East Asian countries kicked off their two-day meeting on the world economy here on Saturday afternoon amid rising oil price and worries about global imbalance.

The ministers are due to discuss the global economic outlook with special emphasis on the effect of high and volatile oil prices on ASEM economies (members of the Asia-Europe Meeting), said officials from the Austrian Finance Ministry, the host of the regular meeting since 1996.

The ministers will also discuss the opportunities and challenges brought about by globalization. They will warn of protectionist tendencies and call for increased cooperation across ASEM members.

Possible further outbreak, human contagion and spreading of avian flu will also be on the meeting's agenda.

The 13 Asian countries include Cambodia, China, Indonesia, Japan, Laos, South Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.