Arab Today, arab today asiapacific states all countries are affected by global risks
Last Updated : GMT 07:17:52
Arab Today, arab today
Arab Today, arab today

Asia-Pacific states: All countries are affected by global risks

Arab Today, arab today

Arab Today, arab today Asia-Pacific states: All countries are affected by global risks

Tehran - Irna

Some 28 Asia-Pacific countries at a United Nations high-level forum in Bangkok asserted that all countries are affected by global risks. They have sought greater transparency and inclusiveness in G20 deliberations in shaping a development-friendly global economic governance system, a press release issued by the UN Information Center (UNIC) said here on Thursday. Government ministers, central bank governors and senior policymakers from across the region met at the 11-12 October High-level Consultation on the G20 Cannes Summit: Perspectives from Asia-Pacific convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to help formulate a coordinated regional voice on issues before the G20 Summit to be held in Cannes, France on November 3-4, 2011. With only eight Asia-Pacific countries as members of the G20 that brings together developed and developing nations on key global economic issues, the consultation stressed the importance of making the region’s voice, especially that of its poorest nations, heard at the G20. “The Asia-Pacific region is leading the global recovery and is the most dynamic region in today’s world economy. It is time that we also begin leading the global discussions and setting their agenda – through a coordinated regional voice – and play an active role in shaping global economic governance and the ‘rules of tomorrow’,” ESCAP Executive Secretary Dr. Noeleen Heyzer said in her opening address to the Consultation. “The perspective of poor and the excluded countries needs to be factored in the global discussions given their outcomes affect all the countries irrespective of their size or income levels,” said the top United Nations official in the region. Addressing the consultation, Ahmed Mujthaba, Minister of State for Economic Development, Maldives underlined the importance of formulating a common regional voice on global issues and the importance of engaging civil society: “Our voice needs to be heard beyond closed doors.” The Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal noted that the advanced economies should both implement expansionary policies and confidence restoration measures in the short-term and formulate credible fiscal consolidation plans for the medium term. In his remarks to the Consultation, Rui Manuel Hanjam, Vice Minister of Finance, Timor-Leste stressed that the least developed countries need to be heard in decisions on global economic governance as they are also affected by global economic movements. The Deputy-Minister of Economic Development and Trade, Kazakhstan, Timur Muratovich Suleimenov said ESCAP provided a platform to bring together diverse nations: “Working together we can, and will make our voice heard.” The consultation ended with the adoption of a set of recommendations related to regional economic and social priorities, including commodity price volatility, food security and reform of the international monetary and financial system, to be communicated by the United Nations to France, the G20 Chair. Asia-Pacific countries have called on the G20 Cannes Summit to give a clear and strong message that achievement of the Millennium Development Goals (MDGs), narrowing development gaps and policies to foster balanced development must occupy a central place in sustaining growth in the years ahead. The Consultation noted that Asia-Pacific countries with large foreign exchange reserves can contribute to global growth by increasing domestic spending to address critical developmental needs, such as investing in infrastructure and promoting universal access to social protection. Expressing concern over the adverse impact on the region of the continuing global economic uncertainty, the ESCAP Consultation urged advanced economies to support short-term growth while undertaking medium-term fiscal consolidation. With high and volatile commodity prices putting pressure on inflation and threatening the food security of millions of poor in the region, the Consultation urged the G20 to help bring back agriculture to the forefront of public policy. It cited social safety net initiatives in the form of subregional food banks set up by the South Asian Association for Regional Cooperation (SAARC) and the Association of Southeast Asian Nations (ASEAN). Noting that the commodity price volatility has been amplified by market speculation, the Consultation asked G20 countries to support developing countries in boosting agricultural productivity through knowledge and technology transfers as well as by implementing appropriate regulations and supervision of commodity futures and derivatives markets, including those for agricultural products to minimize price fluctuations. Emphasizing the concerns that the global financial crisis was triggered by the build-up of risks in the financial sector that escaped the scrutiny of supervisors, the Asia-Pacific countries called for a comprehensive reform of the international monetary system. In this context, the Consultation urged the G20 to put forward credible proposals for regulation of the shadow banking system and for curbing the excessive risk taking tendencies that are responsible for heightened volatility in the financial markets. The Consultation sought G20 support to improve global liquidity management through stronger global financial safety nets and a diversified reserve system with strong surveillance over reserve issuer countries. It has also sought governance reforms in international financial institutions including the International Monetary Fund (IMF) and the World Bank aimed at giving developing countries a greater voice, in parallel with their role in the global economy.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asiapacific states all countries are affected by global risks Arab Today, arab today asiapacific states all countries are affected by global risks

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday