to Host Energy Roundtable with Asian Nations
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.
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.
here to read further: http://news.webindia123.com/news/showdetails.asp?id=84528&n_date=20050531&cat=Business
Trade May Grow Faster Without Fixed-rate Regimes
May 27, 2005
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.
also said that Asia needed to do more to promote intra-Asian regional
trade to reduce its unhealthy dependence on the US market.
here to read further: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/149734/1/.html
Pitches for Asian Economic Community
May 26, 2005
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.
here to read further: http://www.financialexpress.com/fe_full_story.php?content_id=91960
Vice-Premier Wu Calls for United efforts for Asian Boom
May 23, 3005
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.
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.
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.
that end, Wu brought forward five proposals.
here to read further: http://news.xinhuanet.com/english/2005-05/23/content_2992116.htm
Deal 'Could Become Asian IMF'
The Financial Times
May 6, 2005
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
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.
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).
here to read further: www.ft.com (Please
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Taking Big Step Toward Economic Integration
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
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"
the CMI with an enhanced economic surveillance process for the ASEAN+3
- 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.
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".
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.
Back to Top
Openness and Integration Promotes Asian Dynamism, Says ADB President
May 3, 2005
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.
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.
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."
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.
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.
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.
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
these agreements expand, the proposed free trade area for the whole
of East Asia may come closer to reality," he said.
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
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
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,"
Giants Join Forces to Fight Currency Attacks
May 3, 2005
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.
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.
here to read further:http://www.reuters.com/newsArticle.jhtml?type=reutersEdge&storyID=8376903&pageNumber=0
Sino-Japanese Exchanges Important
May 3, 2005
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
President Hu Jintao made the remark at a recent summit meeting with
Japanese Prime Minister Junichiro Koizumi in Jakarta.
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.
here to read further: http://news.xinhuanet.com/english/2005-05/03/content_2911377.htm