Asian, European leaders pledge to team up on financial crisis

BEIJING, Oct. 25 Kyodo - An Asia-Europe summit ended in Beijing on Saturday, with leaders pledging to
overcome the global economic crisis through enhanced cooperation.
Leaders attending the Asia-Europe Meeting summit agreed to push for major
reforms in the global financial system, such as greater regulation and
oversight of markets to curb excessive speculation and risk taking, which some
analysts have partly blamed for the current economic turmoil.
Discussion of what shape the reforms will take will begin at an economic summit
of the major 20 nations hosted by President George W. Bush in Washington next
month.
In a chair's statement adopted at the end of the two-day summit, the ASEM
leaders said they ''recognized that the current global financial crisis has
severe impact on the global financial system and world economy.''
''The international community should jointly overcome the financial crisis
through enhanced cooperation,'' the statement said.
Chinese Premier Wen Jiabao, who chaired the meeting, told reporters after the
summit that his government is committed to taking an active part in the
Washington forum.
''We will take a cooperative and pragmatic approach to working with other
countries to find a solution to the financial crisis,'' he said.
Wen also praised efforts made by governments around the world to steady the
markets and bolster the banking system, but he added that more was needed to
overcome the crisis.
''We need confidence to deal with this once-in-a-century, huge financial risk.
We need to strengthen cooperation among countries,'' he said.
In the chair's statement, the ASEM leaders also said they are ''deeply
committed'' to pushing for a successful conclusion of the long-running World
Trade Organization free trade talks.
''Leaders were concerned over the current situation of the Doha Round
negotiations of the WTO and expressed the conviction that an early and
successful conclusion of the Doha Development Agenda would bring benefits to
all members,'' said the statement.
On regional issues, the ASEM leaders expressed support toward the six-party
talks on North Korea's denuclearization.
''They positively confirmed and supported the six-party talks and welcomed the
progress made in the second-phase actions,'' the statement said.
The statement referred to the second stage of North Korea's denuclearization,
which involves the disablement of its key nuclear complex.
It did not touch on the verification of North Korea's nuclear information,
which is the current focus of the negotiations.
On Myanmar, the statement called for ''the lifting of restrictions placed on
political parties and early further release of those under detention.''
The meeting also released final statements pledging to take firm action over
issues such as climate change and sustainable development, but the forum was
dominated by the continuing turmoil in the world's financial markets.
The Sultain of Brunei, Haji Hassanal Bolkiah, told reporters, ''In view of the
current crisis, we in ASEAN think this is probably the most important
Asia-Europe Meeting we have ever attended.''
French President Nicolas Sarkozy, whose country holds the rotating presidency
of the European Union, said it was important that Asian countries had agreed at
the summit to join Europe and the United States in pushing for major economic
reforms.
''We all know that at the upcoming Washington summit China, South Korea and
Japan will have an important part to play. Europe hopes we can come up with a
common position as a response to this unprecedented financial crisis,'' he
said.
Sarkozy said all aspects of financial policy and governance will be discussed
at the Washington summit and other forums will follow in the future as world
leaders decide what shape economic reforms will take.
''We have all understood that it is not possible to meet (in Washington) and
simply have a conversation. We need to turn it into a decision-making forum,''
he said.
State leaders held a series of bilateral meetings on the sidelines of the
summit, including Japanese Prime Minister Taro Aso's talks with South Korean,
Chinese, German, French and Italian leaders.
The first ASEM meeting was held in Bangkok in 1996 as a way of increasing
contact between governments on the two continents. The event is held every two
years.
The Asian members of the forum are the 10 countries of the Association of
Southeast Asian Nations -- Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, the Philippines, Singapore, Thailand and Vietnam -- plus China, Japan,
South Korea, India, Mongolia and Pakistan.
Europe is represented by the European Commission and 27 member countries of the
European Union.
==Kyodo