APPF delegates stress need to fight financial crisis

Delegates to the 17th Asia Pacific Parliamentary Forum (APPF) in Vientiane this week made a move to overcome the global financial crisis, according to the organising committee.

The 17th APPF Organising Committee President, Dr Xaysomphone Phomvihane, held a press conference yesterday and said the financial crisis affected countries around the globe, including APPF member nations.

“We have agreed on efforts to increase the circulation of trade and funding in the Asia-Pacific region,” he said.

“We have stressed the need to minimise the impact of the crisis on unemployment and exports by improving financial systems and cooperating closely with governments to address the problem.”

Dr Xaysomphone said APPF countries also agreed to establish a funding mechanism to assist small national economies in the region that had been severely hit by the economic crisis, as well as the option of helping companies forced into insolvency.

Speaker of the Australian Government's House of Representatives, Mr. Harry Jenkins, said the region's economies were intertwined.

“Even emerging economies like Laos are affected,” he said.

“What we have agreed on here is to continue dialogue and cooperation to try and find solutions. This gathering has been an important opportunity to interact with others in the region.”

Mr. Jenkins said nations were taking lessons from the global financial crisis.

“We need to have integrity in the frameworks that financial systems operate in and therefore that's something Australia is willing to offer assistance and guidance with, without being prescriptive and allowing countries to find their own solutions for regulatory frameworks,” he said.

A Parliamentary Member from Chile, Mr. Marco Antonio Nunez, said it was urgent for APPF countries to cooperate in fighting the impact of the financial crisis because it had the potential to increase poverty.

“We, in Latin America, are waiting for the impact of unemployment and rising prices of food,” he said.

“The effect of the crisis that started in the US could be very dangerous for our countries this year, especially the poorer ones. For my country and the African nations, this was the most important topic we discussed at this forum.”

Mr. Nunez said efforts taken to address the crises by APPF countries were very important because they could influence the position of European nations.

“We, in the Asia-Pacific, represent the strongest and most potential-filled economies in the world, and thus our representation is important to the rest of the world community,” he said.

Mr. Nunez said APPF delegates needed to return to their countries and urge their governments to take action on the issues discussed at this week's forum, particularly nations that were members of the United Nations.

“I hope by next year's meeting in Singapore we are living in a world without an economic crisis and where there is peace between Israel and Palestine,” he said.

Other important resolutions reached by APPF delegates included efforts on the peace process in the Middle East, global warming, food security, energy security and unexploded ordnance.