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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: ASEAN leaders urge economic reform, cooperation AFP - 1 hour 59 minutes ago HUA HIN, Thailand (AFP) - - Southeast Asian leaders called Sunday for increased cooperation and urgent reform to deal with the global financial crisis as they wrapped up a summit dominated by their economic woes. ADVERTISEMENT Leaders from the 10-member Association of Southeast Asian Nations (ASEAN) have spent much of their annual meeting seeking ways to soften the impact of the meltdown on their export-driven economies, with millions of jobs at risk. In a joint statement issued at the end of the summit, they urged developed and developing countries to show "more coordinated action... to restore financial stability and ensure the continued functioning of financial markets." They further called for "bold and urgent reform of the international financial system," while agreeing to "stand firm against protectionism." The leaders also signed a declaration on setting up an EU-style ASEAN community by 2015 that is aimed at protecting the diverse bloc of around 570 million people from future economic turmoil. Thai Premier Abhisit Vejjajiva, who is also currently chairman of ASEAN, said the leaders "have sent a clear signal about our guidelines to solve economic problems in the region." "We will not turn our backs on our members, we will work as a network and with the same direction to help all members move forward," he said in a pre-recorded television address shown on Sunday. ASEAN, with a combined gross domestic product of around 1.4 trillion dollars, had until recently been a relative bright spot in the world economy since its recovery from the 1997 Asian financial crisis. But because the region is largely dependent on exports, it is at the mercy of the chaos in the rest of the world's economies, with Singapore already in recession and Thailand's economy shrinking in the last quarter of 2008. Leaders underscored the importance and urgency of the so-called Chiang Mai initiative -- a regional emergency fund set up in 2000. Foreign ministers from ASEAN and from China, Japan and South Korea agreed one week ago to extend the initiative to 120 billion dollars, but gave no date. ASEAN signed a free trade deal with Australia and New Zealand during the three-day summit on Friday. Ministers on Sunday also signed an energy agreement to allow members to buy oil at a discount during times of crisis. Yet as so often during its 42-year history, ASEAN's unity has been called into question amid splits over the issue of protectionism. Thailand's Abhisit and Singapore Premier Lee Hsien Loong have both urged against protectionist tendencies in recent days, saying that Southeast Asia needed to show the world that it was still open for business. Malaysian Premier Abdullah Ahmad Badawi, however, has said protectionism is normal during a crisis. The economic crisis has been overshadowed at times during the summit by concerns over human rights , even as ASEAN leaders attempted to talk up a regional rights body that will be set up under the group's new charter. Activists were angered on Saturday when the prime ministers of Cambodia and military-ruled Myanmar barred two civic representatives from attending rare face-to-face talks with the 10 ASEAN leaders. The proposed rights body has also come under fire for being effectively toothless. A draft document on the body shows that it would, in its current form, have no powers to investigate or prosecute rights abusers. Rights are a perennially thorny issue for ASEAN. The bloc has been accused of failing to use its influence to effect change in Myanmar, which has been ruled by the army since 1962 and is accused of gross rights violations. The grouping was also expected to agree to intensify efforts to fight militants and pledge to work for the full implementation of a regional counter-terrorism pact this year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Sri Lanka govt troops hit rebel resistance: reportAFP - 46 minutes ago Australian gang film pulled from cinemas after brawlsAFP - 57 minutes ago Train hits bus in northern India, killing 11AP - 1 hour 3 minutes ago China toughens laws on corruption, insurance: reportsAFP - 1 hour 34 minutes ago Fears gale-force winds will whip up Australian wildfiresAFP - 1 hour 51 minutes ago Enlarge Photo ASEAN leaders urge economic reform, cooperation Most Popular – Asia Pacific Viewed Supermodel Bundchen ties knot with football star Brady Volkswagen to cut all temporary staff RBS posts record British loss, offloads toxic assets US economy shrinks stunning 6.2 percent Mexico's Pemex declares 7 bln dollar loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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