Goh Chok Tong to propose Asia-Latin America summit
Goh Chok Tong to propose Asia-Latin America summit
TOKYO (AFP): Singapore is to propose launching an Asia-Latin America summit meeting next year to jointly tackle the global financial crisis, a newspaper said Sunday.
The proposal by Singapore's Prime Minister Goh Chok Tong will call on some 30 Asian and Central and South American nations to join the first summit of the two regions, the Nihon Keizai Shimbun said, quoting unnamed sources.
Participants from Asia would be Japan, China, South Korea and most members of the Association of Southeast Asian nations (ASEAN), the business daily said.
ASEAN groups Brunei, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Latin American partners are expected to include Brazil and Argentina as well as three South American members of the Asia- Pacific Economic Cooperation group (APEC) -- Chile, Peru and Mexico, it said.
Singapore is calling on Tokyo to back the proposal aimed at holding a first meeting of the two regions' leaders in 2000. Singapore is also considering calling for regular meetings of trade and finance ministers, the report said.
The city-state is to host a preparatory meeting for the summit later this year.
Japan has welcomed the Singapore initiative on expectations that the new grouping may boost Japanese trade and investment in Latin America, the daily said.
Some Central and South American countries have already showed support for the proposal, while South Korea, China and ASEAN members are likely to accept it in principle, it said.
The Asia-Latin American summit is designed to boost cooperation between the two regions to fight large-scale financial woes. Both the areas were the victims of recent financial crises.
The summit is also aimed at jointly increasing influence in the International Monetary Fund (IMF) and holding talks on an equal footing with the United States over the global economic issue.
Some countries in the two regions show strong opposition to reform conditions imposed by the IMF on its financial support for ailing nations.
The daily said the United States, which will be excluded from the grouping, would voice concern about the new bloc, but a foreign ministry source forecast Washington's opposition may not be very strong.