Asia: ASEAN countries to demonstrate self-sufficiency and open trade

Finance ministers in the Asia region are holding bilateral talks in the lead up the 14th Association of South-east Asian Nations (Asean) summit, in a show of greater strategic cooperation to prevent trade protectionism. Malaysia held bilateral talks with Indonesian and Chinese finance ministers this weekend, to promote trade. Officials from Japan, China and Korea met Saturday afternoon to discuss counter-measures to economic slowdown. Finance chiefs from Asean countries and Japan, China and South Korea will gather at the summit on February 27 in Thailand to discuss concrete and collective response to financial woes.

Asean will speak out against using trade protectionism as a way to cope with the current financial crisis, Thai Prime Minister Abhisit Vejjajiva has said. Mr. Abhisit has encouraged Asean countries to seek aid from other regions, acknowledging that the IMF ” simply does not have the resources, money and time to look into the various problems in different regions.” The Asia Development Bank will participate in the summit as Asean members determine the details of a foreign reserve fund pool agreed upon last May. Contributing countries will discuss management and size of fund.

Links and sources:

Asean to resist protectionism, Straits Times

China, Indonesia and China trade talks, Malaysia Star

Asea foreign reserve pool, Xinhua