Leaders of Southeast Asian nations have agreed to fight the global financial crisis with eased macroeconomic and monetary policies, a draft statement by the group obtained on Saturday said. The 10-member Asssociation of South East Asian Nations also vowed to work with the Group of 20 on reforming international financial institutions and to resist protectionist measures. “We agreed that counter-cyclical and more coordinated macroeconomic policies are the best response to this global financial crisis,” said the draft “Chairman's Statement” to be issued after the summit ends on Sunday. “Some governments have already implemented fiscal stimulus packages to boost domestic demand and accommodative monetary policy that enable the banking sector to continue their function.” The statement said the leaders were committed “to resist any protectionist measures which would further dampen global trade and slow down the economic recovery” and urged “major players” in the World Trade Organization to bring about an early conclusion of the Doha round. “We also urged all trading nations to refrain from raising trade barriers or implementing trade-distorting measures, which would exacerbate the already fragile situation of the global market,” it said. The 44-point statement also said the leaders agreed to: • Continue efforts to set up a regional emergency rice reserve with China, Japan and South Korea • Hold an East Asia summit with China, Japan, South Korea, Australia and New Zealand on April 10-12 • Make an ASEAN Human Rights Body operational by the end of 2009 • Work closely with ASEAN dialogue partners on climate change to make the Copenhagen Conference successful • Try to develop Southeast Asia as a research hub for development of bio
