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Asian nations determined to boost trade cooperation

Publication Date : 18-10-2012

 

Asian leaders yesterday pledged to promote investment and remove trade barriers to achieve economic integration for all countries in the continent.

The commitment was included in a communique of the first Asia Cooperation Dialogue (ACD) summit which was held in the State of Kuwait.

"The mutual protection of assets in ACD member states will promote regional investments and economic integration while encouraging joint Asian investments in other continents", it said.

The joint statement also stressed the importance of cooperation in the financial sector, where leading Asian financial centres will support financial institutions in emerging economies by sharing knowledge and expertise.

The move will help develop the continent's financial sector and make it better prepared for managing crises, the communique argued.

While confirming sustainable energy as a key factor in achieving prosperity in Asia, the forum participants reiterated their commitment to energy co-operation by focusing on promoting accessible and affordable renewable energy sources.

On the topic of food security, ACD member countries shared the view that applying advanced agricultural technology and increasing agricultural production are crucial steps towards creating stable food markets.

Concluding the summit, the representatives of 32 countries consented to establishing a Kuwait-based secretariat to support the work of ACD.

ACD ministerial meetings will be held annually while the ACD summit takes place every three years. The next ministerial meeting will be hosted by Tajikistan in 2013 and the 2015 summit is to be held in Thailand.

 

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