• 
• 
• 

That message will be about Asean's determination and readiness to contribute to international efforts to revitalise the global economy and make necessary reforms to the world's financial institutions and system.

Abhisit has already received a briefing statement from Asean Secretary-General Surin Pitsuwan, who has sounded out the common position of the region's leaders. Abhisit, who chairs Asean, will represent the regional grouping at the London summit, where world leaders will be discussing ways to tackle the global financial crisis.

According to the briefing statement, obtained by The Nation, Abhisit will highlight Asean's efforts to achieve sustainable growth and development through economic stimulus, so that this part of the world will be looked upon as a centre of growth in a post-crisis world.

"Our immediate efforts are to stabilise our economies, but we shall endeavour also to cushion the negative impacts on the poor and the vulnerable living at the margins of our societies. While these packages are necessary, they must not put too much burden on our fiscal resources and must not impair our well-earned fiscal discipline," it said.

Abhisit will cite the region's experience in using tough measures to cope with the 1997-98 financial crisis, which can now serve as a benchmark for other crisis-hit countries to follow.

This time around, Asean has so far been able to avoid a currency crisis and also moved forward to strengthening regional financial cooperation through the expansion of the Chiang Mai Initiative, which now has US$120 billion (Bt4.26 trillion) in multilateral currency-swap arrangements among the 10 member countries.

Abhisit will pledge to accelerate implementation of the Chiang Mai Initiative's rules and procedures, so that it can safeguard regional financial stability and enhance confidence among the economic partners from around the world.

During his two-day stay in London, Abhisit will also meet with Indonesian President Susilo Bambang Yudhoyono, Chinese President Hu Jintao and Australian Prime Minister Kevin Rudd.

The Thai premier will send a clear message at the G-20 Summit that protectionism should not be adopted as a way out of the current global crisis.

"We have to make it absolutely clear that developed and developing countries will not give in to short-term measures and the temptation of protectionism. Indeed, as a strong antidote to the possible emergence of protectionism, an early conclusion of the Doha Round of the multilateral trade negotiations is more critical now than ever before," the statement said.

Abhisit will also caution against excessive volatility in the global financial system and call for governance and transparency in ensuring stability.

While the global financial system is indispensable to mobilising and channelling necessary capital to regions for developing economies and societies, it can also create excessive volatility that may make a severe impact on developing countries. This impact can hurt rural areas, farmers, small and medium-sized enterprises and low-income people, which would further divide and cause social disparity and tensions within our society.

"A complex and global financial system can also obscure the ability of investors to evaluate good and bad investments. As a preventive measure, due attention must be focused on maintaining the balance of progress and innovation on the financial side and the real economy to reach stability and equity in the global financial and economic structure," the statement said.

"Good governance and transparency in the global financial system are more urgent now than ever before."

Abhisit will call for a quick restoration of the financial system of the leading economies, because that will be indispensable for global prosperity.

"We expect much of their bold measures to help in the recovery and rebuilding. Likewise, the developed countries must be supportive of the efforts of developing countries to upgrade their infrastructure, human resources, competitiveness and social progress to prepare them for full participation in a post-crisis, freer and fairer global economic system," the statement said.