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Asia-Europe summit opens: goal to help Asian economies
April 3, 1998
Web posted at: 5:15 a.m. EST (1015 GMT)LONDON (CNN) -- Leaders of the European Union and 10 Asian nations opened a two-day summit in London on Friday that is focusing on Asia's monetary and economic crisis and aims to deepen political and economic links between the two continents.
In opening remarks the host of the conference, British Prime Minister Tony Blair, said that Asia's financial crisis was not yet over and that Europe was ready to work with governments in the region to help restore market confidence and economic growth.
"We in Europe have a real opportunity to show that...we are not fair-weather friends, who turn away at the first sign of difficulty." said Blair.
The 15 European Union nations have pledged to keep their markets open and try to boost confidence in the region, knowing the Asians are hoping exports will be one way out of their economic crises.
In the summit's position statement the leaders call for open trade and urged full implementation of reform programs being undertaken by the Asian nations.
They also call for a strengthening of the international monetary system -- in particular, financial supervision and crisis prevention techniques.
Though the statement reflects the current anxieties, it also displays a general optimism Asia would rebound from its present woes, saying the leaders of the 25 nations expressed "confidence that with full implementation of the necessary policy reforms, financial stability would be restored."
Trust fund seen as symbolic gesture
The EU's biggest gift at the summit is a trust fund suggested by Britain, which currently holds the EU presidency.
But the fund, which would be managed by the World Bank, would amount to very little. Britain has said it will pour 5 million pounds ($8.4 million) into it, but other EU countries have yet to come up with figures.
Some officials from the Asian nations attending the meeting called the fund little more than a symbolic gesture, but at least one representative expressed appreciation.
"Personally, I think it's a good beginning and I would like to see it go further to alleviate liquidity crunches of many countries," said Surin Pitsuwan, Thailand's foreign minister.
During the summit, Asian and European leaders also were expected to rubber-stamp two framework agreements aimed at boosting two-way trade and investment.
The attendees at the Asia-Europe summit include: the 15 EU nations (Austria, Belgium, Britain, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain and Sweden), seven members of the Association of South East Asian Nations (Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam) and Japan, South Korea and China.
The group had its inaugural meeting in Bangkok in 1996.
Related stories:
- Will Indonesia's new Cabinet rock troubled economy? - March 14, 1998
- Indonesians loot Chinese stores as economy worsens - February 14, 1998
- Troubled economy on the minds of S. Korean voters - December 16, 1997
- Amid protests, S. Korean candidates back IMF agreement - December 13, 1997
- South Korea, IMF try to finalize economic bailout - December 2, 1997
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