PM for increased trade among Asian countries

[Salman]

PM for increased trade among Asian countries

BOAO: Prime Minister Yousaf Raza Gilani on Monday urged the Asian countries to establish regional harmony and sustainable development through increased trade and economic growth.

“If we do not establish a regional harmony based on trade, investment and economic growth, we fear we will remain hostage to the past. We can break free of this past,” the prime minister said while addressing Asia’s top leaders, corporate executives and academics at Boao Forum for Asia’s annual conference.

The prime minister said the 21st century was the “Asian century” and mentioned that Asia’s role in global economic order had changed rapidly. He said China’s role in Asia, and Asia’s economic, political and strategic importance was central.

Gilani said by 2050, Asia was expected to account for more than half of the global economy, restoring the world’s largest continent to its former position of economic primacy. “In short, we may well be witnessing the birth of a new world,” he said.

The prime minister recalled the global recession of the past three years and said the world had not fully recovered as more uncertainty lay ahead and the pace of growth had been slow and uneven.

“However, to achieve success,” he said,”we have to remain vigilant and greater international coordination will be required among all stakeholders and international financial institutions.” Gilani also shared Pakistan’s economic turnaround with the participants and said that since his government was sworn in 2008, democracy had made a comeback and parliament had passed landmark legislation. “Our constitution has been restored, judiciary is independent, and media is free, with over 100 private television networks and a vibrant civil society,” he said.

The prime minister said new laws had empowered women and more authority and resources had been transferred to provinces. “Institutions like the Central Bank, the Securities and Exchange Commission and the Competition Commission were playing an active role,” he added.

He mentioned the many challenges that the young democracy had to face and the fragile economy that it inherited, along with the external shock of high oil and commodity prices and the continuing ravages of war in the neighbourhood. Gilani also mentioned the massive floods that wiped out two percent of Pakistan’s GDP growth and caused damages estimated at $10 billion.

Chinese Executive Vice Premier Le Keqiang called for concerted efforts of the Asian countries to address all the issues ranging from dealing with the disasters to the development of their people. “Maximum convergence of interests and peaceful negotiations are required by the regional countries,” he added.

Former prime minister of Japan Yasuo Fukuda in his opening remarks said the most important objective was to attain deeper understanding between the Asian states. He stressed the Asian countries to act together for sound and sustainable development through cooperation in wider areas. app