Japan, China, S Korea to play pivotal role in stabilising Asia economy

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WASHINGTON, Nov 15 (AFP): Japan, China and South Korea agreed yesterday to play "a pivotal role" in stabilising Asia's economy in a joint effort to fend off the impact of the global financial crisis.
Japanese Finance Minister Shoichi Nakagawa and his South Korean and Chinese counterparts, Kang Man-Soo and Xie Xuren, held talks on the sidelines of a two-day financial summit, which began Friday afternoon in Washington.
"We shared the views that enhancement of collaboration among the three countries is crucial to effectively address the global financial crisis," the three ministers said in a joint statement.
"The three countries ... should play a pivotal role in maintaining economic and financial stability of the region, which is not only helpful for the Asian region but also contributing to the world economy," the statement said.
During the talks, the three ministers agreed to consider increasing the size of bilateral currency swap arrangements among the three countries, it said.
South Korea is seeking to widen currency swap deals with its Asian neighbours in a bid to secure enough dollars after the South Korean won has come under massive selling pressure amid the financial turmoil.
Currently, Japan can extend US dollar and yen funds worth up to 13 billion dollars to South Korea, while China can provide yuan funds worth up to four billion dollars to Seoul.
The three ministers also agreed to call for an early agreement to increase capital at the Asian Development Bank (ADB) "to ensure that the ADB has an adequate capital base to fulfil its role in Asia."
Further details of their cooperation will be discussed during a planned summit of leaders of the three countries in December, a finance ministry source said.