India to Host Energy Roundtable with Asian Nations
Intra-Asian Trade May Grow Faster Without Fixed-rate Regimes
India Pitches for Asian Economic Community
Chinese Vice-Premier Wu Calls for United efforts for Asian Boom
Support Deal 'Could Become Asian IMF'
ASEAN+3 Taking Big Step Toward Economic Integration
Increased Openness and Integration Promotes Asian Dynamism, Says ADB President
Asian Giants Join Forces to Fight Currency Attacks
Enhancing Sino-Japanese Exchanges Important

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

India to Host Energy Roundtable with Asian Nations

Web India
May 31, 2005

In the second round of its energy diplomacy to form a pan-Asian group for promoting regional cooperation, India will host a roundtable with oil and gas rich Northern and Central Asia countries in October.

"We have tentatively fixed Oct 17 as the date for hosting the second leg of the Asian energy roundtable at Mashobra in Whitehall near Shimla," Petroleum Minister Mani Shankar Aiyar said.

Click here to read further: http://news.webindia123.com/news/showdetails.asp?id=84528&n_date=20050531&cat=Business

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Intra-Asian Trade May Grow Faster Without Fixed-rate Regimes

Channel News Asia
May 27, 2005

Asian central bankers meeting in Singapore have said intra-Asian trade could grow much faster if those on fixed exchange rate regime converted to a managed float system. That would mean China, Hong Kong and Malaysia giving up their fixed exchange rate regimes.

They also said that Asia needed to do more to promote intra-Asian regional trade to reduce its unhealthy dependence on the US market.

Click here to read further: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/149734/1/.html

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India Pitches for Asian Economic Community

The Financial Express
May 26, 2005

With an expanding Indian role in the Asean forum, India on Wednesday espoused a vision of an Asian economic community, which would encompass Asean, Japan, China, South Korea and India. "These are the five pillars, which may form the initial core to drive Asia’s emergence as the epicentre of global economy," said Dr Montek Singh Ahluwalia, deputy chairman of Planning Commission, while addressing "The Future of Asia: Charting a Course for Asian Economic Integration" conference in Tokyo.

Click here to read further: http://www.financialexpress.com/fe_full_story.php?content_id=91960

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Chinese Vice-Premier Wu Calls for United efforts for Asian Boom

Xinhua Online
May 23, 3005

Chinese Vice-Premier Wu Yi on Monday called on Asian nations to take on responsibility for achieving development and prosperity in the region by bringing forward targets and priorities.

It is the historic time for Asia to attain peace and development, despite numerous challenges ahead, Wu Yi said at a lecture sponsored by the Nihon Keizai Shimbun Inc.

All Asian nations are obliged to take responsibilities for building an Asia enjoying peace, stability, development, prosperity and harmony, she said, adding that it is necessary in the way toward an Asia community to establish principles and goals bearing characteristics of this region, besides drawing lessons from outer areas.

To that end, Wu brought forward five proposals.

Click here to read further: http://news.xinhuanet.com/english/2005-05/23/content_2992116.htm

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Support Deal 'Could Become Asian IMF'


Victor Mallet
The Financial Times
May 6, 2005

The currency swap agree-ments in east Asia providing mutual protection from financial emergencies could develop into an Asian monetary fund, a leading Japanese proponent of regional financial integration said yesterday.

Agreed after the 1997-98 Asian financial crisis, and known as the Chiang Mai Initiative, the $39bn (€30bn, £20.4bn) in bilateral support arrangements between Japan, China, South Korea and 10 south-east Asian countries are expected to double in value and may be transformed into a multilateral system, Asian finance ministers said on Wednesday.

"The Chiang Mai Initiative has the potential to become an Asian monetary fund," said Masahiro Kawai, a former Japanese finance ministry official and World Bank economist who will head a new regional financial integration office at the Asian Development Bank (ADB).

Click here to read further: www.ft.com (Please note that The Financial Times access is based on paid subscription or write to us for a copy)

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ASEAN+3 Taking Big Step Toward Economic Integration

ADB Press release
May 5, 2005


The measures to strengthen financial cooperation were announced by ASEAN+3 on May 4, 2005 at the ADB Annual Meet in Istanbul. The measures are a significant step forward toward East Asia's economic integration.

The ASEAN+3 ministers agreed to strengthen the Chiang Mai Initiative (CMI), under which there are 16 bilateral swap arrangements totaling about $40 billion, into "a more effective and disciplined framework" by:

- Integrating the CMI with an enhanced economic surveillance process for the ASEAN+3 countries
- Adopting a collective activation and decision making process on the current network of bilateral swap arrangements within ASEAN+3, as a first step toward multilateralization.
- Increasing the size of the available swaps by up to 100%, from $1 billion to $2 billion, while noting exact size could be decided by bilateral negotiations.
- Doubling the size of the swaps that could be withdrawn without them coming under an IMF program from 10 per cent to 20 per cent.

Speaking on the occasion Masahiro Kawai, Economic Advisor to ADB President Haruhiko Kuroda, said,"The strengthening of the Chiang Mai Initiative and the enhancement of the ASEAN surveillance process will boost resilience and economic growth of the region".

"Joint activation is one way to reduce problems of bilateral swap arrangements. The new arrangement is a first step toward multilateralism, under which all countries would pool resources", he further added.

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Increased Openness and Integration Promotes Asian Dynamism, Says ADB President

ADB Press release
May 3, 2005

Greater regional cooperation and integration within Asia holds the promise of sustainable growth and reduced poverty in the region, ADB President Haruhiko Kuroda told the opening of a seminar today.

"One of the lessons of history is that economies that are more market-oriented and integrated with the outside world are more likely to achieve sustained high rates of growth and poverty reduction," Mr. Kuroda said.

"Increased openness and integration are important contributors to the East Asian economic miracle, and to the dynamism of PRC [the People's Republic of China] and, more recently, India."

He was speaking at the Governors' Seminar on a Roadmap for Asia's Economic Cooperation and Integration, held on the eve of the opening of ADB's 38th Annual Meeting of the Board of Governors in Istanbul.

Mr. Kuroda said the global trend toward regional cooperation, and a desire to enhance productivity and international competitiveness, have prompted Asian countries to forge closer ties through schemes such as free trade agreements.

"Asia's efforts at greater cooperation and integration can be seen as 'open regionalism' and a stepping stone to its integration with the rest of the world," he said.

He cited as examples in the trend towards regionalism the ASEAN Free Trade Area, which is well into its implementation phase, and a number of free trade agreements signed or under negotiation between members of ASEAN+3.

"As these agreements expand, the proposed free trade area for the whole of East Asia may come closer to reality," he said.

He also pointed out that the geographic scope of cooperative agreements has expanded across the different subregions of Asia, so that there are now initial signs of cooperation and integration in Asia as a whole.

He cited as examples the India-ASEAN Comprehensive Economic Cooperation Agreement, the recent strategic partnership agreement between the PRC and India, the Pakistan-PRC protocol agreement on trade, and the Bangladesh India Myanmar Sri Lanka Thailand Economic Cooperation (BIMSTEC).

"Closer economic interdependence among East Asian countries, through intra-regional trade and investment and public-private partnerships, is likely to sustain the momentum in monetary and financial cooperation," he added.

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Asian Giants Join Forces to Fight Currency Attacks

Reuters, USA
May 3, 2005

Japan, China and South Korea joined forces on Tuesday to bolster Asia's defenses against attacks on its currencies, setting aside political tensions that had threatened to derail regional economic cooperation.

Finance ministers of Asia's largest economies agreed to closer cooperation on the Chiang Mai Initiative (CMI) -- a regional foreign exchange swap pact to combat speculative runs on currencies like those that swept the region in 1997/98.

Click here to read further:http://www.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=8376903&pageNumber=0

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Enhancing Sino-Japanese Exchanges Important

Xinhua Online
May 3, 2005

China and Japan should further strengthen exchanges and cooperation in various areas, encourage friendly contacts and activities between the two peoples, so as tofurther increase understanding and broaden mutual benefits.

Chinese President Hu Jintao made the remark at a recent summit meeting with Japanese Prime Minister Junichiro Koizumi in Jakarta.

"China and Japan, having made good cooperation in politics, economy and trade, science and technology, education, culture, tourism, sports and environmental protection, as well as fruitful progress in people-to-people ties, should enhance their exchanges in various fields so as to ease the tension of bilateral politicalrelations," Professor Zhang Lili with the China Foreign Affairs University told Xinhua in an exclusive interview.

Click here to read further: http://news.xinhuanet.com/english/2005-05/03/content_2911377.htm

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