Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 07, 2005 |
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Money & Banking
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Forex Lahiri moots Pan-Asian structure for exchange rate co-ordination Our Bureau
Panaji , Oct. 6 DR Ashok Lahiri, Chief Economic Advisor, Union Ministry of Finance, suggested the idea of a Pan-Asian Organisation to shoulder the task of exchange rate co-ordination between Asian countries in order to take care of the fluctuations in their currencies. Delivering the keynote address at the inaugural of the seminar on `Regional economic and financial co-operation in Asia' on Wednesday, Mr Lahiri recalled the South East Asian economic crisis and also referred to the mounting pressures on many of the Asian economies to move to floating rates in view of current account surpluses and consequent macro-economic imbalances they have to encounter. In that context, he emphasised the exchange rate coordination becomes an important issue to take care of fluctuating currencies. Earlier, the seminar organised by Asian Exim Banks Forum (AEBF) as part of its 11th three-day annual meet was formally inaugurated by the Chief Minister, Mr Pratapsing Rane, who took the opportunity to invite Asian countries to invest in Goa. "Despite the fact that Asia has 60% of the world's population and 2\3rd of world gross domestic product (GDP)," Mr Lahiri, lamented, "the intra-Asian trade continues to be very low on account of lack of a coherent and comprehensive strategy for regional integration." He called upon Asian countries to adopt on a priority basis a Pan-Asian approach to achieve region-wise objective of mutual benefit. Asserting that Asia has emerged as a growth engine for world led by China and India, he stated that India has been a votary of multilateral trade and strongly believes that multilateral trade co-operation should go hand in hand with bilateral cooperation. Dr Nagesh Kumar, Director General, Research and Information Systems, New Delhi, said that if Asian countries can create possibilities of major infrastructure, they can enhance a lot of their under-utilised capacity. The Chief, Commodity Finance and Risk Management, UNCTAD, Geneva, Mr Lamon Rutten and the Principal Director, Office of Co-financing Operations, Asian Development Bank, Manila, Mr Werner Liepach also addressed the delegates.
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