ASEAN leaders want proactive action for financial stabilityMarch 1st, 2009 - 2:02 pm ICT by IANS
Hua 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.
- Close ASEAN cooperation urged to promote growth (Lead) - Apr 03, 2012
- Set clear vision for ASEAN, says Thai PM - Oct 23, 2009
- ASEAN issues joint statement on climate change, education cooperation - Oct 24, 2009
- Chinese, ASEAN leaders meet to boost cooperation - Oct 24, 2009
- Asean summit to be held in Thailand's Hua Hin city - Jan 07, 2009
- India, Thailand agree to double trade by 2014 (Lead) - Apr 05, 2011
- ASEAN inaugurates human rights body (Lead) - Oct 23, 2009
- G20 endorses India's concern on infrastructure, austerity - Jun 20, 2012
- And now an ASEAN-US summit - Oct 24, 2009
- World's major economies should work together : Hu (Lead) - Nov 04, 2011
- World's major economies should work together : Hu (Second Lead) - Nov 04, 2011
- Manmohan leaves for Thailand Friday, likely to meet China PM - Oct 21, 2009
- ASEAN summit shies away from Thai veg fest, piercings - Aug 14, 2009
- Chinese Premier makes six-point proposal on cooperation with ASEAN - Oct 24, 2009
- India comes under pressure to sign CTBT - Oct 25, 2009
Tags: abhisit vejjajiva, asean leaders, asean summit, association of southeast asian nations, business persons, decisive actions, developing economies, economic downturn, finance ministers, financial stability, free flow, indonesia malaysia, market confidence, proactive, protectionism, reserve pool, seaside resort, southeast asian nations, thai prime minister, world economy