Now Asian giants are coming together to fight world economic crisis. To tackle the effects of the global economic crisis the leaders of Japan, South Korea and China have called for a regional crisis fund.
Asia was “expected to play a role as the centre of world economic growth in order to reverse the downward trend of the world economy” said Taro Aso, Japan’s prime minister, Wen Jiabao, the Chinese premier, Lee Myung-Bak, South Korea’s president, in a joint statement.
The three countries, along with the 10-nation Association of Southeast Asian Nations (Asean), had in October agreed to create an $80bn joint fund by next June to avert regional financial turmoil.
China, Japan and South Korea have agreed to hold similar meetings every year in the future.
The three nations also pledged on Saturday not to create new trade barriers over the next 12 months.
South Korea has been hit hardest by the global financial crisis, with the country’s central bank saying that the country is set for its slowest growth in over a decade.
