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.