Thai PM meets ASEAN+3 leaders; faces global financial crisis
Written by Writer on Friday, October 24th, 2008
Thai PM meets ASEAN+3 leaders; faces global financial crisis
BANGKOK, Oct 24 (TNA) - Thai Prime Minister Somchai Wongsawat on Friday morning met the leaders of the Association of Southeast Asian Nation (ASEAN) and three East Asian partners — China, Japan and South Korea to discuss the global financial crisis.
The so-called ASEAN plus three group met during a working breakfast which was hosted by Chinese Prime Minister Wen Jiabao on the sidelines of the ongoing 7th Asia-Europe Meeting (ASEM).
They discussed ASEAN economic conditions as the regional-organisation affirmed its readiness to weather the global financial crisis that caused the impact against countries worldwide.
The Philippines would host a meeting of ASEAN Finance Ministers and Central Bank Governors on November 12 to discuss the cooperation among ASEAN members to fight the global economic crisis.
The solutions from the meeting would be submitted to the ASEAN leaders summit to be host by Thailand in December for consideration.
After the meeting, a spokesman for South Korean President Lee Myung-Bak told reporters that the East Asian leaders agreed to create a US$ 80 billion fund to fight the global economic crisis.
He said the agreement, between South Korea, China, Japan and the 10 ASEAN members, is the first major coordinated regional action.
The 80-billion-dollar fund would be created by the end of June next year, and be accompanied by an independent regional financial market surveillance organisation, he said.
The “ASEAN Plus Three” fund would supersede the Chiang Mai Initiative, which came into being in 2000 in the wake of the 1997/98 East Asian financial crisis to ease mainly bilateral currency swaps.
After the working breakfast, the Thai prime minister hold bilateral talks with leaders of Malaysia, China, the Philippines, Indonesia and Cambodia.
During the separate meeting, Somchai was to clarify the political situation in the kingdom and gave assurance to the leaders that Thailand was one of the best destinations for tourists and thate travellers could visit Thailand as usual.
The prime minister Friday afternoon was to attend the 7th ASEM summit scheduled to officially opened at 4 pm at the Great Hall of the People in the Chinese capital.
Mr. Somchai, as ASEAN chairman, plans to raise the global financial crisis issue and the experience of Thailand and ASEAN in the financial crisis of 1997 to discuss at the meeting.(TNA)
