Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Saudi Arabia launches pavilion at Bologna International Book Fair 2025    Rare Kaaba interior coverings showcased at Islamic Arts Biennale in Jeddah    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Marine Le Pen sentenced to prison, barred from office over EU funds embezzlement    UK returns over 24,000 migrants as Starmer scraps Rwanda deportation plan    Missing US soldiers' armored vehicle recovered from Lithuanian swamp    Myanmar declares seven days of national mourning after devastating earthquake    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Defense, interior, and national guard ministers extend Eid greetings, praise efforts of military and security personnel    Mexico bans junk food in schools to fight childhood obesity epidemic    Elon Musk's xAI acquires X in all-stock deal    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    NewJeans announces hiatus after setback in court battle    George Foreman, heavyweight champion and cultural icon, dies at 76    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ASEAN meets to launch new bloc
Published in Saudi Press Agency on 15 - 12 - 2008


Southeast Asian foreign
ministers met on Monday to implement a charter setting up a
bloc of half a billion people, but hopes of building a European
Union-style community may be blown off course by the global
economic crisis, Reuters reported.
Often dismissed as a talking shop, the 10 member
Association of Southeast Asian Nations (ASEAN) signed the
charter in November 2007 with the aim of creating an
economically, socially and politically integrated bloc by 2015.
But even without the impact of the credit crunch, political
turbulence in some of the eclectic grouping of nations ranging
from highly developed Singapore to Laos, a poor landlocked
communist state, makes the task look increasingly tough.
Singapore Foreign Minister George Yeo said there was a
danger that the region could face protectionist pressures as
the global economic crisis deepens.
"It's true in nature that all countries now find that
protectionist tendency is coming stronger because of the
crisis, but that's all the more important to think of the trade
agenda in the process to counter this protectionist force,"
said Yeo.
Analysts said the charter faced too many obstacles right
now in the diverse region of 560 million people.
"For the time being, it will be better to postpone the
discussion and preparation towards economic integration,
because now the more important thing is how they can support
one another to be able to come out of this crisis with minimum
damage," said Enrico Tanuwidjaja, an economist at OCBC Bank in
Singapore.
Indonesian Foreign Minister Hassan Wirajuda said a meeting
of finance ministers should be held by January to discuss the
Chiang Mai Initiative, a network of bilateral currency swaps
worth $118 billion between ASEAN and its dialogue partners
China, Japan and South Korea.
The idea is that a country facing a short-term liquidity
shortage can borrow reserves from partners to absorb any heavy
selling pressure on its currency without having to resort to
damaging devaluations, as some did in the crisis a decade ago.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, the Philippines, Singapore, Thailand and Vietnam.
NEW SUMMIT SLATED FOR FEBRUARY
While the EU and organisations such as NAFTA (North
American Free Trade Agreement) have created major trading
blocs, ASEAN has lagged behind.
Marking an inauspicious start, the ASEAN charter was
supposed to be unveiled at a summit in the northern Thai city
of Chiang Mai this month, but a heightening of a three-year
political crisis in Bangkok meant that Indonesia stepped in to
host a meeting of foreign ministers.
A new summit could be held in Thailand, the group's chair,
between Feb 24-26, ASEAN Secretary General Surin Pitsuwan said,
although there appears to be no swift end in sight to the Thai
political crisis, pitting Bangkok's royal and military elites
against supports of ousted and exiled leader Thaksin
Shinawatra.
On Monday, at least 200 supporters of Thaksin blocked
access to Thailand's parliament and threw bricks at cars of
some MPs after opposition leader Abhisit Vejjajiva won a thin
majority in a vote to become prime minister. The ASEAN
charter was agreed last year and then gradually ratified by
members, with Indonesia the last to ratify it in October.


Clic here to read the story from its source.