The European Union's (EU) decision to cancel two upcoming meetings with leading Asian countries because of differences over Burma's participation in the talks could turn out to be a fatal blow for the Asian-Europe Meeting (Asem), the forum for Asia-Europe cooperation launched amid much aplomb in Bangkok in 1996.
The EU's decision to call off the gathering of European and Asian finance ministers in Brussels in July and an encounter of the two sides' economic ministers in Rotterdam in September has certainly caused outrage in many Asian members of Asem.
Although a planned summit of EU and Asian leaders in Hanoi in October has not been scrapped, prospects for the meeting are also looking bleak. The problem is simple: Asian countries want Asem to include military-ruled Myanmar.
But EU governments - led by Britain - have refused the request, arguing that Myanmar's ruling junta has made no progress in improving human rights or releasing opposition leader Aung San Suu Kyi from house arrest.
The EU is adamant, however, that its 10 new members should have automatic entry into Asem. Dutch government suggestions that the three Asian and 10 new EU states could be given observer status at the upcoming Asem meetings has failed to win the backing of all EU governments.
So is Asem ready to be assigned to the dustbin? And despite all these years of talking about alliances and region-to-region cooperation, are Europe and Asia destined to always be mere acquaintances, never real friends?
Certainly, the current mood in both regions is not conducive to cool-headed discussions about the future or indeed on how best to tackle relations with military-run Myanmar.
Asians are justifiably angry at what they view as the EU's short-sighted approach to dealing with their region. How unfair - how unacceptable - say Asian diplomats in Brussels that the EU has been ready to endanger the entire Asem relationship because of problems with one country.
EU policy on Myanmar has always been messy, unclear and fuzzy, say Asians and now the Union has allowed differences over Myanmar to torpedo years of Asem endeavours to create a closer Asia-Europe dialogue to balance America's overwhelmingly dominant role across both regions.
Europeans argue that their decision to cancel Asem meetings was not an easy one. The 25-nation Union was torn for a long time between its commitment to fight for human rights and democracy in Myanmar and a growing acknowledgement among many EU members that Asem should not become hostage to differences over one nation.
'Our relationship with Asia is extremely important . . . we matter to Asia and Asia matters to us,' EU external relations commissioner Chris Patten told reporters in Luxembourg last week.
But the EU was also 'particularly concerned about the deplorable situation' in Myanmar, Mr Patten said, adding that the regime in Yangon had overseen a 'calamitous' deterioration in the life of its deeply impoverished people and failed to deliver on promises of political reform.
Asian governments were probably as disappointed as the Europeans at the military junta's failure to make progress in bringing democracy to the country, added Mr Patten. Asians would, in fact, be surprised if the EU did not express its views on human rights, Mr Patten insisted. EU foreign and security policy chief Javier Solana was equally insistent that he would not face hostility when he attends an Asian regional forum meeting in Jakarta in early July.
'We will not feel embarrassed at all. The embarrassment should be for Myanmar,' Mr Solana said. Perhaps. But there is little doubt that Asem is in dire trouble. And reviving the relationship will require the kind of mature dialogue and rational discussion that both sides appear incapable of - at least for the moment.
And yet the two regions should and must talk and engage with each other. Europe and Asia are dynamic trading partners, increasingly investing in each other's economies and are equally committed to a rapid conclusion of the new World Trade Organization (WTO) round on liberalising global trade.
But perhaps even more importantly, the two regions face common challenges. Both have to stand up to a United States in increasingly unilateral mode. Both face the threat of terrorism and extremism and both believe in a multipolar world where multilateral institutions, the United Nations and the WTO, have the leading role.
What a pity, therefore, that Asem is being allowed to fall into disrepute. The generals in Myanmar are unlikely to feel the consequences of Asem's demise. But in an increasingly interdependent world, other Asian countries and the EU will certainly suffer if Asem is allowed to perish.