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When Asem leaders first met in Bangkok, they talked about prospects for cooperation that would turn the world's two dynamic regions into a common market and benefit 60 per cent of the world's population. At the Beijing meeting today, all these dreams will be temporarily on hold as there are more pressing issues to address.

For the next two days, Asem leaders must dwell on the financial crisis and come up with a good solution. Both European and Asian leaders must get their acts together and show the world that they are united and ready to create an international fund to help ease this financial quagmire. Their contribution is important because it would set the agenda for another meeting of global leaders that will take place in Washington DC on November 15. Whatever Asem decides to do will have a direct influence over the future of the global economy.

Unfortunately, the ThaiCambodian border dispute has been counted as one of the destabilising factors in the region. Previously, the Korean Peninsula was the key issue, with an impact on regional stability. However, the ThaiCambodian border events in the past weeks and the persistence and readiness to use force by both countries have raised new concerns about longterm peace and stability in the region. Obviously, the region still lacks a conflictresolution mechanism. Prime Minister Hun Sen's everchanging views on Cambodia's positions on the border dialogue have also perplexed international observers. As a member of Asean, both countries have to resolve the dispute in nonviolent ways.

Lame duck Prime Minister Somchai Wongsawat will not be able to contribute to the Beijing meeting. His priority will be to focus on his meeting with Hun Sen to settle the border dispute. Given his tarnished image and weak support within Thailand, it is unlikely that there will be a settlement. A temporary ceasefire and cessation of armed hostility would probably be the best option presently. However, the bilateral atmosphere is not at all conducive to any substantive negotiation over the sensitive border.