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SKorea offers summit with China, Japan on financial turmoil
Seoul (AFP) Oct 6, 2008 South Korean President Lee Myung-Bak Monday proposed holding a summit with his Chinese and Japanese counterparts to discuss ways to calm the global financial turmoil, his ruling party said. Lee will make the formal offer when he attends the Asia-Europe Meeting (ASEM) in Beijing on October 24-25, said Cha Myung-Jin, spokesman for the ruling Grand National Party. "East Asia now has the world's largest amount of foreign currency in reserve," Lee was quoted as telling party chief Park Hee-Tae, according to the spokesman who attended their meeting. Lee said it would be "a good idea" for South Korean, Chinese and Japanese leaders to hold a regional summit on the financial crisis, the spokesman said. "The three countries can wisely overcome the financial crisis if they join forces," the president was quoted as saying. Japan said it supported holding economic talks at ASEM, but added it had not yet made a final decision on whether newly installed Prime Minister Taro Aso would attend. "Economic issues will be in focus at ASEM," chief government spokesman Takeo Kawamura told reporters in Tokyo in response to Lee's proposal. "At issue will be how each country can cooperate with others in dealing with worries over the financial crisis and how Japan can play a leadership role as one of the world's major economies," he said. Japan had initially planned to host a three-way summit with China and South Korea in September, but put it off due to political turmoil in Tokyo. Lee on Friday called for finance ministers of the three countries to discuss closer coordination. He warned that the US-born financial crisis was showing signs of spreading globally and depressing the world's real economy. Seoul officials said earlier the three countries will discuss speeding up the creation of an 80 billion dollar fund to help protect Asia. The Strategy and Finance Ministry said deputy finance ministers from South Korea, China and Japan will meet next Monday on the sidelines of the International Monetary Fund's annual meeting in Washington. Their finance ministers met in May and agreed to upgrade a currency swap scheme. They were supposed to meet again in May next year to discuss details. But the vice-ministers will discuss bringing forward the ministerial talks. Shin Je-Yoon, deputy minister for international affairs, said Sunday the countries had yet to agree details of the latest scheme, including how much each country would contribute and the decision-making process. Shin said the three-nation ministerial talks should resume "as early as possible" to finalise details. "It is necessary for the three countries to actively cooperate as US financial turmoil may spread to the real economy," Shin said. "The speed-up in discussing the 80 billion dollar fund would have a preventive effect." Community Email This Article Comment On This Article Share This Article With Planet Earth
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