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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Unctad chief urges safety net, Downturn could spread, Supachai warns ANN - Sunday, January 16 Send IM Story Print Bangkok (The Nation-Thailand/ANN) - Asean and other blocs of developing nations should set up a fund to protect themselves from the economic crunch occurring in developed countries, as the downturn could spread into Asia and other economies, said Supachai Panichpakdi, secretary-general of the United Nations Conference on Trade and Development. Speaking to the Economic Reporters Association in Bangkok, the Unctad chief said currency fluctuation and protectionism would increase gradually this year. Although Asean members and other developing countries have not yet felt the full impact of the financial crunch in Europe and the United States, the problem could spread, as trade and investment rely on each other. "The current foreign reserves in Asean, China, and other developing nations are too high. The Asian region, cooperating with other economic groupings such as Mercosur and the Andean (Group), should set up a fund to develop infrastructure, logistics and safety nets to prevent them repeating the economic stagnation of 2008," Supachai said. He pointed out that current reserves in the region were twice as large as necessary. Thailand as the centre of the Asean region should call for cooperation from other countries to create a safety net for securing regional growth. Integration under the Asean Economic Community (AEC), which is to be fully implemented by 2015, is coming in at the right time. Economic growth in the developed nations has grown only 23 per cent, compared with 67 per cent growth in developing countries. Besides liberalising trade, services, investment and people, if the region could tighten cooperation in other areas such as naturalresource and exchangerate management, the regional economy would grow sustainably. In addition, he suggested that Asian countries consider setting up an Asian monetary fund to increase regional financial stability rather than relying only on the International Monetary Fund. Having their own fund would increase trust and provide indepth information among Asian nations rather than waiting from Washington, he said. Supachai said there would be high frustration in the European bond market, and that would affect not only countries on that continent, but also the United States and Asia. Protectionism will rise and will appear in new formulations, including sanitary standards, antidumping duties, and concern over the intellectual property rights, he said. Supachai also foresees skyrocketing commodities prices this year, although they should not as peak as in 2008. Rising prices of oil and farm goods will be seen this year. As Thailand relies mainly on trade in farm goods, the country should have a clear strategy to promote the growth of the sector. Because of low understanding of the AEC among the private sector and farmers, Supachai suggested that Thailand establish a committee to set up a clear structure on Asean integration, as well as develop each sector and increase knowledge for Thai consumers and enterprises. This could be a joint publicprivate committee. He stressed that economic structure in Asean will be gradually changed from trading to focusing more on services. Thailand should develop an economic structure to prepare for this change, focusing on humanresource development and increasing productivity. COPYRIGHT: ASIA NEWS NETWORK Recommend Send IM Story Print Related Articles Iran first into Asian Cup quarter-finals AFP - 19 minutes ago Iran first to enter Asian Cup quarter-finals AFP - 47 minutes ago S. Korean freighter hijacked off Somalia AFP - 2 hours 3 minutes ago Politics makes convicting Pakistani assassin difficult Reuters - 2 hours 50 minutes ago S. Korea wants UN to act on N. 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