Asia-Pacific Political Leaders Meet to Agree on Regional Economic Recovery Steps
Asia-Pacific Political Leaders Meet to Agree on Regional Economic Recovery Steps
  • Chun Go-eun
  • 승인 2010.05.17 15:21
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Participants attend the 66th Commission session

At a UN meeting held today in Incheon, Korea, goverment leaders of the Asia-Pacific region proposed common economic and financial measures aimed at ensuring Asia's early rebound from the global economic crisis and foster broader economic growth across the Asia Pacific region.   "The opportunity is now for Asia Pacific to emerge as a leader in the global economy, the realm of social progress, and in safeguarding our global environment," said Noeleen Heyzer, UN Under-Secretary-General and Executive Secretary of the United Nations Economic and Social Commision for Asia and the Pacific (ESCAP). "The crisis of the past two years underscores the threat that global economic shifts continue to hold for the region. We remain vulnerable to the man-made shocks of global capital flows, including food and fuel price increases, and we are vulnerable to natural shocks and disasters and the increasing threat of climate change."  

"This is the moment when the Asia-Pacific region can assure the long term benefits of the recovery by creating a sustainable, interconnected, greener, regional economy, while reducing the social and economic disparities which left it vulnerable to such a crisis," said Dr Heyzer. "The region has the opportunity to strengthen its economy, its environment, its society, and better connect itself."

Agreeing to common regional development policies, including Green Growth and financial infrastructure measures, is the focus of the annual high-level meeting including heads of state and cabinet ministers of some 60 countries in the Asia Pacific arm of the United Nations.  "The economic performance of Asia's least developed countries remain fragile," said H.E. Shikh Hasina, Prime Minister of the People's Republic of Bangladesh. "To sustain the momentum and build upon it, the development partners have to work with and more importantly, fulfill their promises to the LDCs."  

The Republic of Korea is hosting the 66th Session of the Commision, with progress being made by the Asia-Pacific region in the economic, social and environmental fields," said Prime Minister Chung Un-chan. "Over the last six decades, ESCAP has been playing a central role in the remarkable progress made by the Asia-Pacific region in the economics, social, and environmental fields. Today's Commission Session gives us a chance to engage in profound and meaningful discussions on how Green Growth and the reform of the international financial architecture can help the Asia-Pacific region to achieve the Millennium Development Goals."  

Noeleen Heyzer, Under-Secretary-General of the United Nations

The Commission Session seeks agreement across the region for adopting Green Growth and sustaining clean technology approaches to development, and joining business and government together in that effort.

"In support of developing countries in East Asia moving toward the new paradigm of Low Carbon Green Growth, Korea is promoting the East Asia Climate Parnership which provides a financial contribution of 200 million USD in total," reported the Minister of Trade for Korea, Mr. Kim Jong-hoon, at the start of the Ministerial roundtable discussion. "For providing systematical support to other developing countries to promote Green Growth, the government will establish an independent research institution called the Global Green Growth Institute in the first half of this year."

Asia and the Pacific was the fastest-growing region in the world in the past year achieving an annual growth rate of 4 percent, according to the Economic and Social Survey of Asia and the Pacific 2010 which is a publication of ESCAP that was published two weeks ago. However, the report finds that the rest of Asia-Pacific's developing economies contracted in 2009 by 0.6 percent.

The survey also finds that although the outlook for 2010 is significantly improved with a forecasted growth of 7 percent, a sustained, longer term development for all economies within the region relies on creating greater intra-regional trade and accelerating the development of an Asia-Pacific consumer market.

ESCAP has offered the Commission Session a number of regional policy recommendations for inclusive and sustainable growth, such as strengthening social protections, promoting agricultural and rural development, and enhancing financial inclusion.

Policy recommendations include increasing social spending that directly supports household income security by providing nutrition, education, access to healthcare, and reducing the need for poorer families to maintain precautionary savings to protect against economic downturns.

The Incheon Metropolitan City, a model of Green Growth and development for the region, plays host to the session, bringing together 62 member governments.


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