ASEAN, more integration to face crisis

Bangkok - The Southeastern Asian countries declared themselves for more integration to face the global crisis and pledged for an international financial reform, at the end of its 14th Summit called for economic affairs.

In Hua Hin, at 124 miles south of Bangkok, leaders of the 10 countries members of the Nations Association of the sub region (ASEAN) approved a final declaration with the waybill for making it a community on a par with 2015. The project is aimed at establishing a free trade area with 800 million people for that date, among other aspects.

In the closing ceremony of the Forum Thai Prime Minister Abhisit Vejjajiva which country hold the annual presidency of the group, said that the meeting was very productive in respect to a series of very important questions not only for the area but the whole international community.

Facing the world economic decline the Heads of State or Government of ASEAN emphasized if the pillars of the organization remain firm despite of the impact of the crisis decisive actions are necessary to restore the markets’ confidence.

The fact is to guarantee financial stability to promote sustainable development in the area, they emphasized.

The also demanded for more coordinated action from developed and developing countries to restore financial stability and provide functioning of financial markets, note the declaration.

The final declaration of the Summit also calls to increase the capital allocated to emergency funds to face the consequences of the crisis from 80 billion dollars to 120 billion, according to the agreement between the Finance ministers of the region and from China, Japan and South Korea in the so called ASEAN+3.

Sunday, Prensa Latina