ASEAN leaders want proactive action for financial stability

March 1st, 2009 - 2:02 pm ICT by IANS  

Abhisit VejjajivaHua Hin (Thailand), March 1 (Xinhua) ASEAN leaders Sunday stressed the necessity of proactive and decisive actions to restore market confidence and ensure continued financial stability as the global economic downturn was deepening.
The leaders, who gathered in Thailand’s central seaside resort of 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, a statement said.

Facing the sweeping financial crisis 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 labour.

The leaders 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.

They 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.

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, Saturday said that ASEAN welcomed the progress achieved at an ASEAN+3 finance ministers’ meeting Feb 22.

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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