Thursday, April 2, 2009

The 2nd Summit on Financial Markets and the World Economy

On April 2 (local time), Prime Minister Taro Aso, who is visiting the United Kingdom, attended discussions at the 2nd Summit on Financial Markets and the World Economy (London Summit) with 20 national and regional leaders (G20), including those of advanced and emerging nations, and others.

At the meeting, the leaders expressed their recognition that a global crisis required a global solution and that it was important to maintain an open world economy based on market principles, effective regulation, and strong global institutions.

They also confirmed that the G20 was undertaking concerted fiscal expansion that would, by the end of next year, amount to five trillion dollars, and that they were committed to deliver the scale of sustained fiscal effort necessary to restore growth.

In addition to the abovementioned points, the leaders' determination to strengthen financial supervision and regulation, to strengthen their global financial institutions, and to resist protectionism, among other endeavors, was incorporated in the Leaders' Statement. With the adoption of the Leaders' Statement, the London Summit came to an end.

Following the end of the London Summit, Prime Minister Aso held talks with Mr. Ban Ki-moon, Secretary-General of the United Nations.

During the talks, the Prime Minister and the Secretary-General discussed such issues as financial markets and the world economy, and the issue of North Korea. On the issue of financial markets and the world economy, Secretary-General Ban stated that against the backdrop of the financial crisis it was important to secure a flow of funds to developing countries. Prime Minister Aso said that it was extremely important that countries steadily carry out ODA commitments and not withdraw efforts to achieve Millennium Development Goals. He also stated that it was a great achievement that the leaders announced a strong message at the summit. In response, Secretary-General Ban commented that he highly evaluated Japan's initiatives.

On the issue of North Korea, Prime Minister Aso stated that a launch of a missile by North Korea would violate United Nations Security Council resolutions and that such an act was intolerable, requesting the Secretary-General to take a resolute stand in this matter. To this, Secretary-General Ban expressed his hope for North Korea to abide by related Security Council resolutions and to come back to the table of the Six-Party Talks. The Prime Minister and the Secretary-General also discussed matters such as the climate change issue and the United Nations Security Council reform.

Afterwards, Prime Minister Aso held talks with Mr. Hu Jintao, President of the People's Republic of China. During the talks, the leaders had discussions on Japan-China relations, the international economic and financial situation, and North Korea.

On Japan-China relations, Prime Minister Aso and President Hu confirmed that it was timely for the leaders of Japan and China to exchange views when the international community was facing a severe financial and economic situation, reaffirming that Japan and China, in a "mutually beneficial relationship based on common strategic interests," would strengthen communication and actively engage in cooperation in this field.

On the international economic and financial situation, Prime Minister Aso stated that Japan intended to advance cooperation with China when providing assistance to Asian countries. President Hu said that he wished to strength communication and cooperation with Japan in the areas of policy planning and information sharing on occasions of bilateral and multilateral talks.

On the issue of North Korea, Prime Minister Aso said that a launch of a missile by North Korea was intolerable and that it was important to send a strong message through the Security Council. The Prime Minister also requested China's continued cooperation for the abduction issue. President Hu, while requesting Japan to take a response in a calm manner and expressing his wish to continue working together with Japan, stated that China, too, had been placing a great emphasis on the missile issue and that it had been approaching North Korea through various channels. President Hu also said that he wished to continue extending cooperation necessary for the abduction issue.

Having completed the entire itinerary, Prime Minister Aso left London for Japan on the government airplane.

Related Link

• London Summit (Summit on Financial Markets and the World Economy) (Ministry of Foreign Affairs)