You need to export a project in AVCHD or HD file format. More quality you use to export better is, and import in Premiere.
Or you use Premiere and remake the complete project starting from original movie scene from camera or from your hard disk this take much more time because you loose the work you done previously in MEP.
That is the price to pay to change software and don't worry about.
I know how to export the final movie I want to export the project as in all the edit points and audio levels into another edit suite. Is this possible?
If there was a conversion tool in existence from MEP to Premiere, then I imagine it would have been developed by the Premiere team. Certainly not by MAGIX!
Premiere Pro CC will handle Avid and Final Cut pro project files but that is it. Premier Elements will not handle any other NLE project files. In the NLE world, Adobe has over 50% market share (in the U.S.) They are followed by Final Cut, and then Avid. All 3 are "Pro" products so it makes sense that Adobe would create the interface to import those products. Magix, Corel, and many others out there are not even on the market share list.
George
ps. As far as I know, Adobe is the only company offering the ability to import other NLE project files.
Big like Adobe, Apple, Avid share information and development they are big for one reason they have money and can sell high price plus they control the market. Intermediate companies like Magix, Corel cannot share their software code for one reason they want to grow and attract customers. If you give your software code to competition is like to close your door. That is very important that you choose a compagny when you start because you cannot change your software every 6 months.
This site http://helpx.adobe.com/premiere-pro/kb/supported-file-formats-premiere-pro.html says that Premiere Pro CS4 can import and export 'Edit Decision List' files. IIRC Magix Video Pro X could work with EDL files a feature that helped its integration with Magix music programs Samplitude and Sequoia. Sorry I can't track back further...
Perhaps this is a lead but I seriously doubt there would ever be full compatibility for presumably the economic reasons already mentioned.