Malaysian Prime Minister Abdullah Badawi has proposed the establishment of an Asian monetary institution to improve economic integration in the region.
He also proposed that the ASEAN+3 process be advanced to become the East Asian Economic Community Summit, the Bernama news agency reported Tuesday. ASEAN+3 refers to the 10 member countries of the Association of Southeast Asian Nations together with China, Japan and South Korea as dialogue partners.
The proposals were made in a speech, read by Minister Datuk Mustapa Mohamed on behalf of the prime minister, at the Asia Economic Summit Monday evening in Kuala Lumpur.
Abdullah said the new arrangement would provide leaders in the region with a greater sense of integration and, at the same time, secure a very pragmatic platform for regional cooperation in the sphere of economics, finance, trade, politics and diplomacy.
The prime minister pointed out that strengthening regional economic cooperation would also strengthen prospects for sustained growth in the region.
He added that Asian policymakers also needed to focus on progress in structural reforms and reducing public debt levels.
Parent site: "Focus on Malaysia"