BRUSSELS -- Bermuda will begin exploring the merits of establishing economic and financial relations with the European Community during the next few months.

Premier the Hon. Sir John Swan opened the door to possible closer relations with the European Community during a meeting here yesterday with a key European Commission officer.

A commitment was given to investigate the merits of Bermuda taking on "Special Relationship'' status with the EC which is now held by all other British Dependent Territories and many European Overseas territories, particularly in the Caribbean.

The special status would make Bermuda eligible for low-cost EC loans. Also mentioned was the possibility of the North Atlantic Treaty Organisation (NATO) sharing costs of military base operations now shouldered exclusively by the US Navy.

In a 40-minute meeting, Mr. Philippe Soubestre, deputy director for the European Commission's Development Directorate, UK Foreign and Commonwealth Officers and the Premier agreed a Bermuda-EC relationship was worth exploring.

They will aim for a decision before 1995, the first opportunity Bermuda will have to opt in to EC directives governing special status for dependent territories.

Inquiries will also be made for Bermuda participation in a gathering this November in the British Virgin Islands where delegates plan to "brainstorm'' about EC relations with dependent territories.

Yesterday's meeting was the first of a two-day visit to the Belgian capital by the Premier.

This morning he will meet Secretary General Manfred Woerner, UK Ambassador to NATO Sir John Weston, the US Ambassador to NATO Mr. Robert Hunter and the NATO Commander responsible for Atlantic operations.

The trip is his latest diplomatic effort to avoid or reduce the impact of any US military withdrawal from Bermuda.

The Premier will explore NATO's views on Bermuda's military value and the opportunities for filling any operation withdrawals by the Americans.

Sir John is accompanied by Delegated Affairs Minister the Hon. Sir John Sharpe and Cabinet Secretary Mr. Leo Mills.

In yesterday's meeting, Sir John told Mr. Soubestre that the fast-changing world was creating difficult economic challenges and altering historic relationships.

Bermuda was looking to better secure its interests. He said he saw Europe as a potential counterbalance to the Island's exceptional reliance on the United States.

"That's why we're here,'' he said. "We want to sit down and look at what the options are for Bermuda in Europe. If we don't run to make friends then we could slide down very quickly.'' One of the attractions of EC special status is the low-cost loans available to dependent territories and countries. But Mr. Soubestre, noting Bermuda's wealthy economy, cautioned that financial assistance was granted "if need be''.

Sir John raised the notion that EC security interests in the Atlantic were the same as NATO's. If that was so, there might be a rationale for the EC helping Bermuda in the event of a US military pullout.

Mr. Soubestre replied that such assistance was within the spirit of the original articles governing the special status of dependent territories.

If Bermuda, through the United Kingdom, signed onto the Special Status articles in 1995 it would reverse a 1974 Bermuda Government decision not to participate in the arrangement.

Few advantages were seen at the time.

One source said the Island, because of its relative wealth, would not have been able to secure the "soft'' loans.

In addition, the easier access for Bermuda institutions to the European financial markets that the arrangement would have fostered would probably have entailed a reciprocal arrangement -- something unacceptable in the highly protective Bermuda market.

There was also concern the arrangement could somehow become a financial burden to the island.

Despite the historic misgivings, Premier Swan was buoyant after yesterday's meeting. The European option for Bermuda "just might be there'' he said.

"It was a very positive meeting. The EC does give assistance not just to the poorest countries but to countries in particular circumstances whose economies become overburdened. This could be the start of something.'' US military withdrawal from Bermuda threatens to leave the cost of running the Civil Air Terminal among other duties performed by the Americans in the hands of the Island.

One source has said the cost of operating it could run to more than $18 million a year.