Speech by His Excellency Mr. Chuan Leekpai Prime Minister of Thailand at the Opening Ceremony of the Second Asia-Europe Meeting (ASEM 2) 3 April 1998, London ----------------------------------------------------------------------------------------------- Your Majesty, Dear ASEM Colleagues, Excellencies, Ladies and Gentlemen,
It is a great honour to address this second gathering of Leaders from Asia and Europe.
Commendable progress has been achieved since the inauguration of the Asia Europe Meeting in Bangkok two years ago. Based upon our Partnership for Greater Growth, our co-operative endeavours have expanded significantly in all areas, be it political, economic, social or cultural. It is therefore my hope that the present financial crisis in many parts of Asia will not slow down the momentum of our Partnership. Indeed, it is up to us to see that it does not. The causes of the financial crisis in Asia may vary from economy to economy, but all of us in Asia are united in our resolve to turn the situation around as best as we can. Although there have recently been positive signs in some Asian economies, including Thailand, we have to face up to the fact that there are still many difficult problems to be overcome.
The crisis, however, is not just an Asian crisis. It has become a global concern. Economic interdependence means that our economic fortunes—or misfortunes—are intertwined. Europe cannot but be affected by what is happening in Asia. Some of these effects are being felt already in terms of reduced trade and investment flows.
More importantly, the present crisis may, unfortunately, put into question the value of an open economy. It is a fact that developing countries are less well prepared and equipped to handle all the challenges of liberalisation. Some developing countries already hesitant about opening their economies should not be discouraged by the present financial crisis in Asia—nor should they use it as an excuse to close their economies.
It is therefore crucial for us, Leaders of Asia and Europe, to demonstrate effectively to the world that the present crisis can be resolved. We must show the world that, through our collective effort, we can come up with an effective policy package to deal with the crisis. Indeed, we must prove to the world that, despite their occasional problems and pitfalls, free trade and market liberalisation remain the most effective and efficient means of ensuring the sustained growth of all countries—be they developing or developed. I wish to add, at this point, that economic fundamentals in Asia remain sound and our efforts to liberalise our trade and investment regimes remain on course. This is clearly evidenced by the faithful implementation of the ASEAN Free Trade Area, the accelerated efforts to liberalise trade in services, the imminent establishment of an ASEAN Investment Area, and our active participation in APEC and the WTO. Furthermore, we are adopting, at this very Meeting, two important documents, namely, the Trade Facilitation Action Plan and the Investment Promotion Action Plan, which will provide the basis for increased trade and investment flows between our two regions. I am thus confident that with determination and with co-operation from our friends—many of whom are gathered here—we in Asia will emerge more resilient and more capable of contributing towards the vibrant global economy.
Excellencies, Ladies and Gentlemen,
The Asia-Europe partnership has also been enriched by our political dialogue. There is greater appreciation of what we have in common as well as better understanding of our differences. We are working together more closely on important transnational social issues. We have all become more aware of the rich cultural heritage that each ASEM partner has to offer and have helped reduced gaps of understanding between Europeans and Asians. A general convergence of values could even be said to be in the making.
Looking towards the future, we must ask ourselves, what kind of partnership do we seek? I believe that a flourishing partnership must be based upon strong economies in both our regions, which should be kept fully open for international trade. The partnership should therefore seek to promote freer flows of trade and investment, strong business interaction and co-operation in small and medium sized enterprises, science and technology, and human resources development. Also, this partnership should be built upon the strength of our diversity, on the basis of equality and mutual respect.In order to meet future challenges, we must jointly develop a long-term vision for ASEM. We, in this forum, possess a potential to create a new and effective global structure, for which we can serve as core elements.
Excellencies, Ladies and Gentlemen,
ASEM 1 has generated the Bangkok Spirit—a sense of goodwill amongst Asian and European countries, characterised by informality, flexibility and pragmatism. It is my hope that ASEM 2 will further build upon this Spirit with courage and determination to help us tackle the challenges we now face, thus paving the way towards a common prosperous future and a sense of shared destiny. Thank you. End.
It is a great honour to address this second gathering of Leaders from Asia and Europe.
Commendable progress has been achieved since the inauguration of the Asia Europe Meeting in Bangkok two years ago. Based upon our Partnership for Greater Growth, our co-operative endeavours have expanded significantly in all areas, be it political, economic, social or cultural. It is therefore my hope that the present financial crisis in many parts of Asia will not slow down the momentum of our Partnership. Indeed, it is up to us to see that it does not. The causes of the financial crisis in Asia may vary from economy to economy, but all of us in Asia are united in our resolve to turn the situation around as best as we can. Although there have recently been positive signs in some Asian economies, including Thailand, we have to face up to the fact that there are still many difficult problems to be overcome.
The crisis, however, is not just an Asian crisis. It has become a global concern. Economic interdependence means that our economic fortunes—or misfortunes—are intertwined. Europe cannot but be affected by what is happening in Asia. Some of these effects are being felt already in terms of reduced trade and investment flows.
More importantly, the present crisis may, unfortunately, put into question the value of an open economy. It is a fact that developing countries are less well prepared and equipped to handle all the challenges of liberalisation. Some developing countries already hesitant about opening their economies should not be discouraged by the present financial crisis in Asia—nor should they use it as an excuse to close their economies.
It is therefore crucial for us, Leaders of Asia and Europe, to demonstrate effectively to the world that the present crisis can be resolved. We must show the world that, through our collective effort, we can come up with an effective policy package to deal with the crisis. Indeed, we must prove to the world that, despite their occasional problems and pitfalls, free trade and market liberalisation remain the most effective and efficient means of ensuring the sustained growth of all countries—be they developing or developed. I wish to add, at this point, that economic fundamentals in Asia remain sound and our efforts to liberalise our trade and investment regimes remain on course. This is clearly evidenced by the faithful implementation of the ASEAN Free Trade Area, the accelerated efforts to liberalise trade in services, the imminent establishment of an ASEAN Investment Area, and our active participation in APEC and the WTO. Furthermore, we are adopting, at this very Meeting, two important documents, namely, the Trade Facilitation Action Plan and the Investment Promotion Action Plan, which will provide the basis for increased trade and investment flows between our two regions. I am thus confident that with determination and with co-operation from our friends—many of whom are gathered here—we in Asia will emerge more resilient and more capable of contributing towards the vibrant global economy.
Excellencies, Ladies and Gentlemen,
The Asia-Europe partnership has also been enriched by our political dialogue. There is greater appreciation of what we have in common as well as better understanding of our differences. We are working together more closely on important transnational social issues. We have all become more aware of the rich cultural heritage that each ASEM partner has to offer and have helped reduced gaps of understanding between Europeans and Asians. A general convergence of values could even be said to be in the making.
Looking towards the future, we must ask ourselves, what kind of partnership do we seek? I believe that a flourishing partnership must be based upon strong economies in both our regions, which should be kept fully open for international trade. The partnership should therefore seek to promote freer flows of trade and investment, strong business interaction and co-operation in small and medium sized enterprises, science and technology, and human resources development. Also, this partnership should be built upon the strength of our diversity, on the basis of equality and mutual respect.In order to meet future challenges, we must jointly develop a long-term vision for ASEM. We, in this forum, possess a potential to create a new and effective global structure, for which we can serve as core elements.
Excellencies, Ladies and Gentlemen,
ASEM 1 has generated the Bangkok Spirit—a sense of goodwill amongst Asian and European countries, characterised by informality, flexibility and pragmatism. It is my hope that ASEM 2 will further build upon this Spirit with courage and determination to help us tackle the challenges we now face, thus paving the way towards a common prosperous future and a sense of shared destiny. Thank you. End.