With the world witnessing continued financial volatility and geopolitical uncertainty, top leaders from Asia and Europe have agreed to use all policy tools – monetary, fiscal and structural – to foster confidence and achieve strong, sustainable and balanced economic growth.
Leaders from 51 countries, including India, met in Mongolian capital city Ulaanbaatar for the 11th Asia-Europe Meeting (ASEM) for two days and exchanged views on the current political and socio-economic situation in the world and discussed ways to address the existing and emerging challenges to peace, security, stability and sustainable development.
In a 13-page Chair’s Statement yesterday, the leaders noted the modest and uneven recovery of the global economic outlook while the Asian economy continues to remain a global growth engine.
They acknowledged that steady progress has been achieved in implementing sound economic policies, including structural reforms remains crucial for securing stronger potential growth.
The Indian delegation to the ASEM Summit was led by Vice President Md. Hamid Ansari. Other world leaders who took part in the two-day meeting included German Chancellor Angela Merkel, Chinese Prime Minister Li Keqiang, Russian Prime Minister Dmitry Medvedev and European Council President Donald Tusk.
The leaders recognised that “downside risks to the global outlook persist in the context of economic and geopolitical uncertainty, continued financial volatility, global excess capacity in industrial sectors, challenges faced by commodity exporters and persistent low inflation.
Against such backdrops, the leaders reaffirmed that they stand ready to use all policy tools – monetary, fiscal and structural – individually and collectively, as necessary, to foster confidence and achieve strong, sustainable and balanced economic growth.
The leaders agreed that increased focus in ASEM activities on connectivity will contribute to the relevance of ASEM, established in 1996.
Leaders vowed to enhance inter-regional trade and investment flows as an engine of sustainable growth and deeper economic integration connectivity between Asia and Europe. In this context, they reiterated the importance of ensuring predictable and stable business environment.
During the meeting, the leaders reiterated their view that terrorism constitutes a serious threat to international peace, security, stability and development, expressed their determination to countering terrorism and preventing violent extremism in all their forms and manifestations.
They strongly condemned the recent terrorist attacks including destruction of cultural heritage and stressed the need to work together to counter terrorism, eliminate conditions conducive to the growth and spread of violent extremism and radicalisation in societies leading towards violence, as well as the rising phenomenon of foreign terrorist fighters.