March 01, 2009
HUA HIN (Xinhua) - ASEAN leaders stressed in a statement today the necessity of proactive and decisive actions to restore market confidence and ensure continued financial stability to promote sustainable regional economic growth as the global economic downturn was deepening.
The leaders, who gathered in Thailand's central seaside resorts of Cha-am/Hua Hin for the 14th summit of the Association of Southeast Asian Nations (ASEAN), agreed to stand firm against protectionism and to refrain from introducing and raising new barriers.
Facing the sweeping financial crsis and a slowed world economy, the leaders reaffirmed their determination to ensure the free flow of goods, services, investment and capital, and facilitate movement of business persons, professionals, talents and labor.
Meanwhile, the leaders from the 10 ASEAN member states appealed for more coordinated action by both developed and developing countries in a bid to restore financial stability and ensure the continued functioning of financial markets, which will provide support for growth.
The leaders also called for a bold and urgent reform of the international financial system to achieve a more comprehensive, equitable and inclusive system that takes into consideration the interests and voices of the emerging and developing economies.
The leaders looked forward to working with other partners to convey the abovementioned messages at the forthcoming London Summit scheduled in April.
Thai Prime Minister Abhisit Vejjajiva told a press conference, after the leaders signed a series of documents, that in efforts to cope with the current crisis, ASEAN would pursue the path of the Chiang Mai Initiative Multilateralization (CMIM), a regional foreign reserve pool in case of currency flow shortage.
Abhisit, whose country currently holds ASEAN's rotating chair, said Saturday that ASEAN welcomed the progress achieved at an ASEAN+3 finance ministers' meeting on Feb. 22.
At that meeting, finance ministers from ASEAN as well as China, Japan and South Korea agreed to speed up the process of operationalising the CMIM. Under the agreement, 120 billion U.S. dollars, instead of 80 billion as initially proposed, would be injected into the reserve pool.
The 14th ASEAN Summit is scheduled to conclude here Sunday afternoon. ASEAN consists of Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
The leaders, who gathered in Thailand's central seaside resorts of Cha-am/Hua Hin for the 14th summit of the Association of Southeast Asian Nations (ASEAN), agreed to stand firm against protectionism and to refrain from introducing and raising new barriers.
Facing the sweeping financial crsis and a slowed world economy, the leaders reaffirmed their determination to ensure the free flow of goods, services, investment and capital, and facilitate movement of business persons, professionals, talents and labor.
Meanwhile, the leaders from the 10 ASEAN member states appealed for more coordinated action by both developed and developing countries in a bid to restore financial stability and ensure the continued functioning of financial markets, which will provide support for growth.
The leaders also called for a bold and urgent reform of the international financial system to achieve a more comprehensive, equitable and inclusive system that takes into consideration the interests and voices of the emerging and developing economies.
The leaders looked forward to working with other partners to convey the abovementioned messages at the forthcoming London Summit scheduled in April.
Thai Prime Minister Abhisit Vejjajiva told a press conference, after the leaders signed a series of documents, that in efforts to cope with the current crisis, ASEAN would pursue the path of the Chiang Mai Initiative Multilateralization (CMIM), a regional foreign reserve pool in case of currency flow shortage.
Abhisit, whose country currently holds ASEAN's rotating chair, said Saturday that ASEAN welcomed the progress achieved at an ASEAN+3 finance ministers' meeting on Feb. 22.
At that meeting, finance ministers from ASEAN as well as China, Japan and South Korea agreed to speed up the process of operationalising the CMIM. Under the agreement, 120 billion U.S. dollars, instead of 80 billion as initially proposed, would be injected into the reserve pool.
The 14th ASEAN Summit is scheduled to conclude here Sunday afternoon. ASEAN consists of Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
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