Upcoming ASEM to discuss cooperation<\/p>\n
BANGKOK (Reuter): Finance ministers from Europe and Asia will
\nmeet in Bangkok this week to discuss the currency crisis in
\nSoutheast Asia and talk about improved cooperation and investment
\nbetween the regions, officials said yesterday.<\/p>\n
The summit will be the first time that finance ministers from
\nthe two regions have met under the auspices of the Asia-Europe
\nMeeting (ASEM), set up to strengthen the perceived weak link in
\nthe tripolar relationship between Asia, Europe and North America.<\/p>\n
An official at the European Commission office in Bangkok said
\nthe ASEM finance ministers were to discuss the regional financial
\ncrisis, the introduction of a single European currency and the
\nupcoming annual conference of the World Bank\/IMF in Hong Kong.<\/p>\n
A Thai official said the ASEM meeting would focus mainly on
\nways to improve cooperation between the regions, as a follow-up
\nto last year's inaugural ASEM summit in Bangkok.<\/p>\n
\"This is the first meeting between (finance ministers of) the
\nEuropean side and the Asian side,\" said Pongpanu Svetarundra,
\ndirector of the Thai Ministry of Finance's international economic
\npolicy division.<\/p>\n
\"It is a brief meeting, and we do not expect anything
\ndrastic,\" he said. \"The reason we are having it is to keep up the
\nprocess of further co-operation.\"<\/p>\n
Pongpanu said the finance ministers were also expected to
\ndiscuss ways to increase investment between the regions, European
\nfinancing for infrastructure development in Southeast Asia and
\nco-operation in customs administration and developing Asia's
\nfinancial sector.<\/p>\n
On Thursday night, ministers and finance officials from 15
\nEuropean nations, plus those from Japan, South Korea and China,
\nare due to arrive for the ASEM meeting. The talks will continue
\non Friday.<\/p>\n
Among other key finance ministers due to attend are Japan's
\nHiroshi Mitsuzuka, Germany's Theo Waigel and Britain's Gordon
\nBrown.<\/p>\n
Leaders from the 15-member European Union and 10 Asian nations
\nlast year held a landmark summit in Bangkok that emphasized the
\nneed to forge stronger economic ties between the regions.<\/p>\n
The leaders stressed a desire to increase two-way investment
\nand to liberalize and facilitate trade.<\/p>\n
The summit was an effort to strengthen Europe's ties with
\nAsia, which remain weak compared to the influence North America
\nwields through the Asia-Pacific Economic Co-operation (APEC)
\nforum.<\/p>\n
Senior finance officials from seven Southeast Asian countries,
\nmany of which have been hard hit by de facto devaluations of
\ntheir currencies and tumbling stock markets the past two months,
\nare expected to discuss the region's financial crisis in an
\ninformal meeting on Wednesday, with ministers holding talks on
\nThursday.<\/p>\n
Ministers from the Association of South East Asian Nations
\n(ASEAN) countries attending the Thursday meetings are also
\nexpected to hold bilateral talks, particularly with Thai leaders,
\nto discuss the region's economic problems.<\/p>\n
A Malaysian official said Finance Minister Anwar Ibrahim
\nplanned to meet Thai counterpart Thanong Bidaya and Prime
\nMinister Chavalit Yongchaiyudh during his visit.<\/p>\n
Thailand has been hit hardest by the currency crisis, which
\nbegan in July when the government allowed the baht to float after
\na bruising battle with speculators. After the baht crashed, the
\ngovernment sought help from the International Monetary Fund,
\nwhich brokered a $17.2-billion bailout package to help boost the
\neconomy.<\/p>\n
Thailand's economic crisis has had a domino effect on the
\nregion, with the Philippines, Indonesia and Malaysia all
\nsuffering de facto currency devaluations of between 15 and 25
\npercent.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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