THE OVERALL INTERVENTION FOR THE ASEAN + 3 SUMMIT MANILA, THE PHILIPPINES 28 NOVEMBER 1999
Thank you, Mr.
Chairman.
First,let me convey my warmest welcome to our friends from China, Japan and Korea.
I am delighted to note that this has become a very important meeting between ASEAN and its
closest neighbours. Our regular informal dialogue helps to inspire confidence in the
region. By working together, we have shown that we can solve common problems. The recent
financial crisis has demonstrated the importance of this relationship.
China's decision not to devalue the yuan was critical in preventing a worsening of the
crisis. We are grateful for your commitment to the region. Moreover, China's proposal for
a meeting of finance and central banks deputies is an excellent way to start some form of
co-operation among East Asian countries on financial matters.
We are also grateful for Japan's readiness to assist the region in dealing with the
crisis. The new Miyazawa initiative is a clear demonstration of Japan's commitment to help
the ASEAN countries badly hit by the crisis.
Korean President Kim Dae Jung's proposal for an East Asian Vision Group (EAVG) is
important in identifying new areas of co-operation in East Asia in the 21st Century.
The region is showing signs of recovery. Optimism and faith in the economic prospects of
ASEAN are slowly returning. The crisis has taught us several painful lessons. I would like
to focus on three important lessons.
First, the contagion effect demonstrated by the crisis show how interdependent we have
become. Market force do not recognise borders in and increasingly globalised world.
Second, in dealing with the crisis, we must focus on the root causes rather than react to
short-term problems. While the crisis has highlighted the inadequacies of the
international system, we must also recognise the structural deficiencies in our economies
that have exacerbated the crisis. In seeking to reform the international financial
architecture, we must also improve the fundamental structures of our own economies.
Lastly, an interdependent world requires us to work together in a more organised and
systematic way. The ASEAN + 3 Summit provides such an opportunity.
There are many proposals to look at but whatever we decide, we should try to build on what
we have achieved thus far. As we have had no history of close dialogue and co-operation,
we should move forward gradually and carefully. It must be at a pace comfortable to
everyone.
Up to now, we have been putting forward ideas which are fairly ad hoc. Although these have
given us a good foundation, we now need to see how we can give process some clear
direction. In this context, the discussion of the East Asian Vision Group can help us set
a direction for East Asian co-operation. In defining the long-term goal for East Asia, we
should be practical and recognise our diversity in cultures and traditions.
Meanwhile, we can discuss concrete ideas that can give substance to further East Asian
co-operation. Allow me to mention several priorities.
The process of regional financial co-operation was initiated with meetings of the vice
finance ministers and the deputy governoros of central banks. This is a useful first step
to promote greater consultation of financial matters. We must also maintain the momentum
of trade liberalisation within East Asia. APEC has served as an important vehicle to
promote freer trade in the Asia-Pacific region. Within ASEAN, we are on course towards the
attainment of the ASEAN Free Trade Area (AFTA
We could also co-operate on social issues, like youth development. I propose a young
leaders' forum, on the ASEAN + 3 model, to promote a better understanding of the region
and its future challenges.
It is in this light that I comment President Eastrada's initiative for a joint statement
on co-operation in East Asia. Such a Joint Statement will demonstrate the strong
commitment of the East Asian countries to strengthen co-operation.
Once again, I would like to thank our friends from China, Japan and Korea for their
presence here and for this opportunity to share with you ASEAN's ideas to promote mutually
beneficial co-operation in East Asia.
Thank you, Mr. Chairman.
