Asia-Europe Meeting

HC Deb 01 June 1998 vol 313 cc93-4W

Mr. Vaz

To ask the Prime Minister if he will make a statement on ASEM II in London, listing his bilateral meetings with foreign leaders during the summit; and what responses have been received to the proposed trust fund from(a) foreign Governments and (b) international financial institutions. [42357]

The Prime Minister

The second Asia Europe meeting made a significant contribution towards reinforcing the bonds between Asia and both Britain and Europe as a whole.

There was a strong message on the financial crisis in Asia: how we can work together to restore confidence and stability. At a critical time, we were able to emphasise Europe's commitment to the region and secure agreement on the need to maintain open markets and free trade.

Action plans were agreed to encourage trade and promote investment. The third Asia-Europe Business Forum was also held during the Summit. This gave business leaders from all ASEM members the opportunity to report on the concerns of business directly to political leaders at the summit.

The ASEM process is breaking new ground in political dialogue between the two regions. At the London meeting, there was discussion of fundamental rights and issues ranging from international crime to developments in Cambodia, the Korean Peninsula, Kosovo and enlargement of the European Union.

The London Summit also launched major initiatives in areas of particular concern to all our peoples: the environment and the welfare and education of our children.

The UK's initiative to establish an ASEM Trust Fund was widely welcomed. The Fund, which will provide assistance in assessing the poverty impact of the Asian financial crisis and help with financial restructuring, will be managed by the World Bank. Discussions are at an advanced stage on the operating arrangements. Indications of financial support from EU ASEM participants exceed $30 (US) million (including £5 million from the UK) and further support is expected from both European and Asian participants.

During the Summit and immediately before, I had bilateral meetings with the Prime Ministers of China, Japan, Korea, Malaysia and Thailand.