ASEAN worried about strong yen
ASEAN worried about strong yen
VANCOUVER (Reuter): ASEAN foreign ministers urged Canada on Thursday to voice concern about the dollar's recent slide against the yen at next month's Group of Seven summit.
Canadian Foreign Minister Andre Ouellet hosted his counterparts from the six-nation Association of Southeast Asian Nations (ASEAN) for three days of consultations.
The meetings, which Canada said were the first of their kind between a G-7 host and an outside group like ASEAN, come before the G-7 summit in Halifax, Nova Scotia, June 15-17.
"When the value of yen was raised upward, then we developing countries which are so dependent on yen credit... were landed with a terrible debt burden," Malaysian Foreign Minister Datuk Abdullah bin Haji Ahmad Badawi told reporters after the meeting in Vancouver.
"We certainly reflect great concern that the decisions of G-7 can affect us adversely," Badawi said.
ASEAN groups Singapore, Brunei, Indonesia, Malaysia, the Philippines and Thailand. Vietnam will join in July.
The G-7 summit will bring together leaders from Japan, Germany, the United States, France, Italy, Britain and Canada. European Union and Russian officials will also attend.
"These consultations provide me...with valuable insights into the views of ASEAN and its members as Canada prepares for the Halifax summit," Ouellet told reporters.
In a statement, Badawi said ASEAN countries urged the G-7 summit to foster stronger global economic growth and to ensure that a financial crisis like the one recently experienced by Mexico is not repeated.
The talks covered issues including reform of international financial institutions like the World Bank, the future of the United Nations, global trade, the information superhighway, poverty and development, Bosnia and international crime.
Badawi said the ASEAN ministers urged the G-7 to be "more cautious" about linking trade to human rights, political reform or other conditions. For example, Badawi said ASEAN has sought "constructive engagement" with Myanmar and has seen improvements there.
"We are looking forward to including Myanmar one day as a member of ASEAN," he said.