RP, Argentina to cope better with global financial crisis

By Iris C. Gonzales, The Philippine Star

Posted at Feb 01 2009 10:11 AM | Updated as of Feb 01 2009 06:11 PM

Emerging economies such as the Philippines and Argentina would be able to cope better with the global financial crisis due to their prevailing economic policies.

These countries should also prioritize the protection of intellectual property rights to ensure economic and social progress as well as the promotion of public goals in the fields of health and culture.

These were among the points raised during the 1st ASEAN-Mercosur Ministerial Meeting held in November 2008 in Brazil, according to a statement sent to The STAR by Argentine Ambassador to the Philippines Mario Schuff.

The meeting was attended by ministers and high-level representatives of the Association of Southeast Asian Nations and Mercosur (Common Market of the South) member countries.

Schuff's statement noted that the meeting held in-depth discussions and exchange of views on various international issues of common interest among Mercosur and ASEAN countries.

"The meeting considered the international financial crisis and its effects on emerging economies and noted that due to their responsible economic policies, ASEAN and Mercosur countries are in a more favorable condition to face the crisis than in the past. They stressed the importance of preventing the crisis, originated in developed countries, from eroding recent achievements in both regions in terms of social inclusion and poverty reduction," the statement said.

The meeting noted that developing countries have been the main engine of world economic growth, a fact which gives them all the credentials for a more relevant role in the discussions on a new international financial architecture.

"In this regard, the ministers underscored the need to reform the multilateral financial institutions, in order to make them more legitimate and effective," the statement also said.

ASEAN members are Brunei Darussalam, Cambodia, Indonesia, Myanmar, Philippines, Singapore and Thailand. Mercosur members, meanwhile, are Argentina, Brazil, Paraguay and Uruguay.