Tri-nation alliance set to combat global crisis

Source: Xinhua  |   2008-12-14  |     NEWSPAPER EDITION

LEADERS of China, Japan and South Korea agreed yesterday to work stronger together in dealing with the challenges of the raging global financial crisis.

The nations established a tripartite partnership at the meeting in Fukuoka which signalled their cooperation had entered a new stage, said Chinese Premier Wen Jiabao.

"It is important to enhance regional cooperation to tackle ongoing financial turmoil," Wen Jiabao, Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak said in a joint statement after their meeting.

The leaders affirmed their countries should play a greater role in reversing the downward trend of the world economy and return it to sustainable growth.

Wen said efforts were needed to minimize the crisis' impacts on the global economy, facilitate regional trade and investment and promote regional cooperation, the statement said.

It also pledged efforts to reach an "ambitious, balanced and comprehensive conclusion of the Doha Development Agenda as early as possible to counter protectionism."

The three leaders vowed to refrain from setting new barriers to investment and trade in goods and services, imposing new export restrictions, or implementing WTO inconsistent measures to stimulate exports within the next 12 months.

They said it was vital to promote cooperation among Asian countries not only in the financial sector but also in the real economy.

They agreed that measures aimed at promoting growth and expanding domestic demand were of vital significance and decided to strengthen trilateral cooperation to overcome the global crisis' negative impacts and achieve sustainable development in Asia.

Premier Wen underlined the importance of cooperation between the nations and suggested proposals for boosting trilateral ties.

China, Japan and South Korea were countries of major influence in East Asia, Wen told reporters at a joint press conference with the other two leaders after their meeting.