The Fifth Policy Plenary Meeting was held
under the theme of "Monetary Cooperation and Trade and Investment
Cooperation in East Asia" on November 19, in the Conference
Room of the Japan Forum on International Relations. The meeting
began with keynote speeches from the two Council members, KURODA
Haruhiko, Special Advisor to the Cabinet of Japan, and Professor
ITO Motoshige of the University of Tokyo.
Mr. KURODA spoke on monetary cooperation
in East Asia emphasizing that, "it is necessary 1) to review
the reinforcement of the Chiang Mai Initiative, 2) to foster
the Asian bond market, and 3) to stabilize regional exchange
rates. Mr. Kuroda continued, "To help realize these objectives,
the resolution of problems such as the pegging of the Chinese
Yuan to the U.S. dollar will be of key importance. From now
on, Japan-China cooperation will assume utmost importance."
Prof. ITO spoke on trade and investment
cooperation stating that, "From now on, not merely lowering
tariffs, but also free trade agreements (FTAs) that step up
economic cooperation, the movement of persons and services will
become necessary. It will be extremely important to carry out
the domestic reforms related to agricultural problems and the
migration of persons among others within the framework of an
FTA's open system."
The Council Members had lively discussions
with the following comments being made: "Will the creation
of an East Asian Community add any value to market and trade
cooperation?" "Can we make it more effective by establishing
something such as an Asian Monetary Fund through the revision
of the Chiang Mai initiative?" "Where should we place
Taiwan in the picture? Can we foresee that China will recognize
Taiwan as a player in international affairs?"
|