People and cars pass under a street banner, welcoming ASEM finance ministers and other delegates, near the International Convention Center Jeju, a main venue of the 8th ASEM Finance Ministers’ Meeting, Friday. Up to 500 delegates from 43 ASEM member countries . 27 EU countries, 16 Asian countries ― and six international organizations will come to Jeju for the four-day gathering from Saturday till Tuesday. / Korea Times |
3 ASEM Finance Ministers to Chart Strategy to Cope With Global Financial Turmoil
By Lee Hyo-sik
Staff Reporter
JEJU ― Finance ministers from 43 member economies of Asia-Europe Meeting (ASEM) and representatives from six international organizations will converge on the scenic resort island of Jeju to discuss a number of pending bilateral economic issues for the next four days.
They are also expected to tackle the ongoing international financial market jitters, following the U.S. subprime loan debacle last August; surging oil and other commodity prices; and other challenges facing the global economy.
During the 8th ASEM Finance Ministers' Meeting here on June 14-17, ministers and other participants will learn from one another and exchange views on a range of issues. But first they will deal with three main items.
South Korea will present its experiences on infrastructure financing, and micro-financing and its economic implications. Britain then will make the case for its market-oriented approaches to cope with climate change. Lastly, the European Commission will tell participants from Asian member economies about possible lessons from Europe's economic integration and consequent implications for Asia.
Besides these three central topics, representatives from the International Monetary Fund (IMF), the Asian Development Bank (ADB) and four other international bodies will give a series of presentations on current global regional economic and financial trends as well as policy responses.
On the sidelines of official events, ASEM ministers and other delegates are expected to extensively discuss the Asia-Europe strategic partnership and ways of strengthening bilateral ties on the political, economic and social fronts.
The Ministry of Strategy and Finance said the ASEM meeting is significant in that it is the highest-level international event since the Lee Myung-bak administration was inaugurated, Feb. 25.
``At the gathering, member countries will share policy experiences on common issues, including the environment and Asian economic integration. In particular, it will be a good opportunity for the Korean government to promote and inform ASEM economic policymakers of its economic philosophy and policy direction,'' said Jason Lee, who is in charge of organizing the four-day event at the ministry.
Lee also said the meeting will provide all participants with the chance to build and expand networks among financial ministers, leaders of international organizations and other delegates from ASEM members.
``The 2008 ASEM Finance Ministers' Meeting is to be the first meeting ever held in the country since the 2000 ASEM Summit Meeting. This meeting is expected to serve as an avenue to raising Korea's international standing and forging closer cooperation with the EU, the single biggest market accounting for 40 percent of the global trade volume,'' Lee said.
He said up to 500 delegates from 43 ASEM member countries ― 27 EU countries, 16 Asian countries ― and the six international organizations are expected to come to Jeju for the gathering.
The ASEM Finance Ministers' Meeting has been the largest channel for economic and financial cooperation since its inception in September 1997. During the seventh meeting in Vienna, Austria, in April 2006, Korea was selected as next host country.
Accordingly, Korea held two rounds of deputy ministers meetings in 2007 and 2008 and the upcoming ministers' meeting as host country.
The ASEM Finance Ministers' Meeting is an integrated element of the ASEM process. The meeting has been pursuing a dialogue on matters of common interest, including the global economic outlook, the international financial architecture, the more effective implementation of existing supervisory principles and regulations in the financial sector, combating money laundering, and strengthening cooperation in the field of customs.
In March 1996, the first Asia-Europe Meeting was held in Bangkok, Thailand, addressing several issues regarding politics, economic, finance and culture. This drove to the idea of arranging an Asia-Europe Finance Ministers Meeting, which was then discussed at the APEC Finance Ministers' Meeting in Japan.
In July 1996, European finance ministers met and raised the issue of the Asia-Europe Finance Ministers Meeting, which they all agreed to hold in Thailand in September 1997.
The 4th Finance Ministers' Meeting was held in Denmark in July 2002, bringing together officials from 10 Asian ASEM partners and the four EU Troika partners. In addition to the ASEM members, the European Central Bank, the IMF, the ADB and other international financial institutions have begun participating in the process as invited guests.
Indonesia and China hosted the fifth and the sixth meetings in 2003 and 2005. The seventh Finance Ministers' Meeting was held in Austria in April 2006.
leehs@koreatimes.co.kr
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