Asian leaders pledge cooperation in economic crisis
The leaders of Japan, China and South Korea have agreed on an urgent injection of funds into the Asian Development Bank
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Saturday, 13, Dec 2008 10:45
Japan, China and South Korea have pledged to cooperate with each other to help lessen the effects of the global economic downturn on the region.
In a meeting between the leaders of the three countries in the Japanese city of Fukuoka, they promised to maintain the area's financial strength by pooling together their assets.
The three nations, whose economies account for 75 per cent of the region's total GDP and two-thirds of its trade, have agreed on increasing their contributions to the Asian Development Bank urgently.
South Korea has also promised to give a boost to its currency swap facilities with Japan and China in another measure to improve cooperation on economic issues.
In comments cited by Al Jazeera, Chinese premier Wen Jiabao said: "Co-operation between ... our three countries to overcome difficulties will have real significance as the financial crisis has a big impact on economies around the world."
All three countries have announced billion dollar economic stimulus plans as their export-driven economies suffer from the turmoil in financial markets.