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Thai PM denounces protectionist policies

(Agencies)
Updated: 2009-02-22 15:08

BANGKOK -- Thailand's Prime Minister Abhisit Vejjajiva on Sunday urged Southeast Asian leaders not to fall prey to protectionist measures in dealing with the worsening global economic crisis.

Thai's Prime Minister Abhisit Vejjajiva adjusts his earpiece during a news conference at the Japan National Press Club in Tokyo February 6, 2009. [Agencies]

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Abhisit said he hopes the Association of Southeast Asian Nations will send the message that reviving the global economy requires a regional approach.

"I hope that ASEAN will send a signal that in this economic downturn it will not favor protectionism," he said during an address broadcast nationally on radio and television. "ASEAN will not survive alone while causing trouble to other countries."

Abhisit spoke as finance ministers from the 10-nation grouping met Sunday on the tourist island of Phuket to discuss ways of boosting the region's ailing economy. Adopting currency swap agreements, whereby one central bank lends a currency to another , was also proposed to shore up financial markets.

The meeting will be followed later this week by the ASEAN summit at the seaside resort of Hua Hin.

ASEAN finance ministers in October expressed confidence that the regional block would weather the global downturn, noting its economic fundamentals remained sound even though gross domestic product growth might not match last year's 6.7 percent.

But in recent months, many countries have begun to feel the effects of the downturn on their export-driven economies.

Thailand, which has the second-biggest economy in Southeast Asia, said Thursday that exports posted their steepest fall in 12 years in January as demand for the country's cars, hard drives and electrical goods evaporated amid the global slump.

Thailand, Singapore, Malaysia and the Philippines have all announced multibillion-dollar stimulus packages that include a mix of infrastructure projects, cash handouts or tax cuts aimed at creating jobs and boosting consumer demand.