Thai PM to ASEAN: Currency exchange policies should be synchronized

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ASEAN	2009-02-23 04:37:22-05
Thai PM to ASEAN: Currency exchange policies should be synchronized
Thai Prime Minister Abhisit Vejjajiva on Sunday said currency exchange policies among members of the Association of Southeast

Thai Prime Minister Abhisit Vejjajiva on Sunday said currency exchange policies among members of the Association of Southeast Asian Nations (ASEAN) should be co-ordinated and progress in the same direction.

Speaking during a one-day special meeting of ASEAN finance ministers and their counterparts from China, South Korea and Japan (ASEAN+3), held on the southern Thai island resort of Phuket, Mr. Abhisit said Asian countries are now achieving more influence in the world economy as the region has a population of more than two billion people, a combined gross domestic product (GDP) of over USD 9 trillion, equivalent to about 16% of the global GDP and reserves of approximately USD 3.6 trillion.

Any solution towards economy among Asian countries will absolutely have an effect on the global economy, he said.

Mr. Abhisit also asked his fellow ASEAN leaders not to become casualty to protectionist measures in dealing with the global economic down turn.

Great damage will be seen if every country decides on protectionist measures, the Thai PM said. Countries with extensive capital reserves should invest money to establish benefits to countries in other regions.

Mr. Abhisit said he and Indonesian President Susilo Bambang Yudhoyono will represent the ASEAN+3 when the G20 meets in London in April and will inform them concerning the widening agreement of the Chiang Mai Initiative reached during the Sunday meeting.

Finance ministers of the 10 ASEAN countries and their counterparts from the plus-three countries agreed Sunday to expand the USD80 billion bilateral programme to USD120 billion to provide countries in crisis with emergency funds.

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