This article examines the first two decades of the transregional Asia–Europe Meeting (ASEM) from its inception with the Bangkok Summit of 1996. Examining instances of region building and the socialisation of states, it identifies the gradual emergence of a role for the forum, one that stands in some contrast to initial participant expectations. In this respect, rather than a structure for delivering substantive negotiated outcomes around issues such as trade liberalisation, the value of ASEM across its first 20 years came increasingly to be seen in its ideational aspects: identity building, norm diffusion, and dialogue without preconceptions.