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http://www.channelnewsasia.com/stories/singaporelocalnews/view/433388/1/.html
Recession far from bottoming out, says PM Lee
By Imelda Saad and Lim Yun Suk, Channel NewsAsia | Posted: 02 June 2009 1944 hrs
Photos 1 of 1
(L-R) Myanmar PM Thein Sein, Singapore's PM Lee Hsien Loong, Thai PM Abhisit Vejjajiva, Philippines President Gloria Macapagal Arroyo, South Korea's President Lee Myung-bak
Video
South Korea, ASEAN sign agreement to boost investments
SINGAPORE : Singapore Prime Minister Lee Hsien Loong warned that it may be too hasty to pronounce that the recession has bottomed out.
Even though the US has spoken of potential green shoots in the economy, Mr Lee noted that what has happened is that things are turning bad slower.
Speaking at the ASEAN-South Korea Summit on Tuesday, Mr Lee urged countries to persevere with reforms and consolidation, especially in support of free trade.
He said if countries heed ground pressures to "buy local" they will be worse off.
"Keeping markets open is the best way to help everyone recover and grow," said PM Lee.
Mr Lee added the Asia Pacific Economic Cooperation (APEC), which Singapore chairs this year, can help to keep markets open.
He said APEC stands ready to work with other international groupings like the G20, which South Korea now chairs.
But even as governments focus on fixing the economy, Mr Lee pointed out they must not neglect long-term issues like climate change.
Mr Lee said regional forums like the East Asia Summit Liveable Cities Conference, which Singapore hosted last year, is a good platform for countries to exchange best practices and ideas.
He invited South Korea to consider hosting the next conference.
This is a critical year for climate change talks as the UN negotiations are scheduled to be completed by December in Copenhagen.
Meanwhile, South Korea and the 10-member ASEAN have signed a comprehensive agreement to boost investments in each other countries.
It is significant as it's the first agreement ASEAN has signed, with one of its dialogue partners which also include China and Japan.
Last year, trade between the two sides rose 25 per cent to US$90 billion.
South Korean President Lee Myung-bak said Seoul aimed to boost the amount to US$150 billion by 2015.
"The leaders agreed on the following areas of future cooperation. First, the economy. With the signing of an investment agreement that took place today, all 10 members of ASEAN have now become parties to the Korea-ASEAN Free Trade Agreement, goods services and investment agreements. We can now officially declare that a new chapter of economic partnership is open for business," said President Lee.
Analysts are confident this deal, which marks 20 years of dialogue and cooperation, will bring about an expansion of trade in goods and investment between the two sides.
South Korea is the fourth-largest economy in Asia, while ASEAN boasts of a combined population of some 600 million people, and a combined gross domestic product of more than US$1 trillion.
Another significant outcome of the two-day summit, is ASEAN's condemnation of North Korea - denouncing Pyongyang for conducting the recent underground nuclear test and missile launches.
The statement also slammed the actions a clear violation of the UN Security Council resolutions.
The grouping also urged all of the six parties - South and North Korea, China, Japan, the US and Russia - to meet at July's ASEAN Regional Forum in Thailand to hold talks to promote peace on the Korean peninsula.
With North Korea upping its sabre rattling in recent days, security at the summit held on the resort island of Jeju was tight, with missile defence and patrols in clear visibility.
It's the first time ever that all the ASEAN leaders were invited to South Korea, a sign that President Lee Myung Bak is taking his ASEAN friends seriously.
In return, they gave him their support on North Korea - which wasn't easy since they all also have diplomatic ties with Pyongyang. - CNA /ls
Recession far from bottoming out, says PM Lee
By Imelda Saad and Lim Yun Suk, Channel NewsAsia | Posted: 02 June 2009 1944 hrs
Photos 1 of 1
(L-R) Myanmar PM Thein Sein, Singapore's PM Lee Hsien Loong, Thai PM Abhisit Vejjajiva, Philippines President Gloria Macapagal Arroyo, South Korea's President Lee Myung-bak
Video
South Korea, ASEAN sign agreement to boost investments
SINGAPORE : Singapore Prime Minister Lee Hsien Loong warned that it may be too hasty to pronounce that the recession has bottomed out.
Even though the US has spoken of potential green shoots in the economy, Mr Lee noted that what has happened is that things are turning bad slower.
Speaking at the ASEAN-South Korea Summit on Tuesday, Mr Lee urged countries to persevere with reforms and consolidation, especially in support of free trade.
He said if countries heed ground pressures to "buy local" they will be worse off.
"Keeping markets open is the best way to help everyone recover and grow," said PM Lee.
Mr Lee added the Asia Pacific Economic Cooperation (APEC), which Singapore chairs this year, can help to keep markets open.
He said APEC stands ready to work with other international groupings like the G20, which South Korea now chairs.
But even as governments focus on fixing the economy, Mr Lee pointed out they must not neglect long-term issues like climate change.
Mr Lee said regional forums like the East Asia Summit Liveable Cities Conference, which Singapore hosted last year, is a good platform for countries to exchange best practices and ideas.
He invited South Korea to consider hosting the next conference.
This is a critical year for climate change talks as the UN negotiations are scheduled to be completed by December in Copenhagen.
Meanwhile, South Korea and the 10-member ASEAN have signed a comprehensive agreement to boost investments in each other countries.
It is significant as it's the first agreement ASEAN has signed, with one of its dialogue partners which also include China and Japan.
Last year, trade between the two sides rose 25 per cent to US$90 billion.
South Korean President Lee Myung-bak said Seoul aimed to boost the amount to US$150 billion by 2015.
"The leaders agreed on the following areas of future cooperation. First, the economy. With the signing of an investment agreement that took place today, all 10 members of ASEAN have now become parties to the Korea-ASEAN Free Trade Agreement, goods services and investment agreements. We can now officially declare that a new chapter of economic partnership is open for business," said President Lee.
Analysts are confident this deal, which marks 20 years of dialogue and cooperation, will bring about an expansion of trade in goods and investment between the two sides.
South Korea is the fourth-largest economy in Asia, while ASEAN boasts of a combined population of some 600 million people, and a combined gross domestic product of more than US$1 trillion.
Another significant outcome of the two-day summit, is ASEAN's condemnation of North Korea - denouncing Pyongyang for conducting the recent underground nuclear test and missile launches.
The statement also slammed the actions a clear violation of the UN Security Council resolutions.
The grouping also urged all of the six parties - South and North Korea, China, Japan, the US and Russia - to meet at July's ASEAN Regional Forum in Thailand to hold talks to promote peace on the Korean peninsula.
With North Korea upping its sabre rattling in recent days, security at the summit held on the resort island of Jeju was tight, with missile defence and patrols in clear visibility.
It's the first time ever that all the ASEAN leaders were invited to South Korea, a sign that President Lee Myung Bak is taking his ASEAN friends seriously.
In return, they gave him their support on North Korea - which wasn't easy since they all also have diplomatic ties with Pyongyang. - CNA /ls
