March 2, 2009

ASEAN summit ends on cooperative note

Member states of the Association of Southeast Asian Nations vowed to reject protectionist policies during the economic crisis.

The group concluded a summit Sunday declaring their intent to cooperate during the global economic downturn, Xinhua, the official Chinese news agency, reported Monday.

The meeting opened with a call for cooperation. As the financial crisis deepens, the world will look toward our region for action and for confidence, which is exactly what we in ASEAN are set out to do, Thai Prime Minister Abhisit Vejjajiva said.

Earlier in February, the association plus China, Japan and South Korea -- known as ASEAN+3 -- established regional reserve fund called the Chiang Mai Initiative Multilateralization to maintain a strong currency flow, the report said.