Foreign Minister Riekstins: under global financial and economic crisis it is important to facilitate openness of international markets

On 28 May, during the Foreign Ministers Meeting of the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) in Phnom Penh, Cambodia, Foreign Minister Maris Riekstins took part in the ministers' discussion on global financial crisis, its impact upon the economies of the European and Asian countries as well as national, regional and international scale measures for a rapid stabilisation of the financial situation.

In his statement, Minister Riekstins emphasised the importance of co-operation within international community, including the co-ordination of decisions taken by national governments with the economic revitalisation plans by international organizations, in order to apply joint efforts for the stabilisation of the global economic situation.  Mr. Riekstins accentuated that given the unprecedented scale of the current financial crisis in all countries, the decisions adopted by the international community, including those within the G8 or G20 format, should be based upon as comprehensive consultations as possible with the maximum number of partners, in order to avoid the legitimacy of those decisions being disputed. The reality is that the present crisis did not originate in the countries some of which currently feel its impact most acutely, said Minister Riekstins.

At the same time, the Latvian Foreign Minister pointed out that in the current situation it is essential to be aware that protectionism tendencies in certain countries can only aggravate the global crisis, and consequently all the parties concerned should advocate the openness of international markets as well as achieve progress with the Doha Development Round negotiations of the World Trade Organisation.

Minister Riekstins noted the necessity to stimulate the financial market and public trust in decisions taken by international organizations and governments for the stabilization of economy.

The 17th ASEAN-EU Ministerial Meeting on 27-28 May reviewed current processes in the European Union and in the region of South East Asia, as well as the implementation of the ASEAN-EU Plan Action for 2009-2010 and future co-operation, including in fight against terrorism and human trafficking, on non-traditional threats to security, in the field of energy and food safety, non-proliferation of weapons of mass destruction, as well as climate change and environmental protection.

ASEAN member states are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar/ Burma, the Philippines, Singapore, Thailand and Vietnam. The next EU-ASEAN meeting of foreign ministers has been scheduled for 2010 and will take place in Europe.

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