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Business - ASEAN asks int’l creditors to consider debt swap scheme - INQUIRER.net

The leaders of the Association of Southeast Asian Nations (ASEAN) on Saturday asked international creditors to consider the Philippines’ proposal for a debt-for-development swap.

“We call upon the Paris Club of international lenders to receive and consider the proposal of the Philippines at the Asian Inter-Parliamentary Organization for debt-equity arrangements to fund projects in the pursuit of the Millennium Development Goals of the United Nations,” said the ASEAN statement.

“We issue this call for creative and responsible international debt management in the context of the UN MDG,” they added.

ASEAN summit a boon to Cebu’s economy–Romulo - INQUIRER.net, Philippine News for Filipinos

The holding of the ASEAN summit in Cebu would pour over a billion pesos into the local economy and boost the province’s image as a tourist and convention destination, according to Foreign Secretary Alberto Romulo.

“We have placed Cebu on the map of international tourism, investment and trade. These gains are as permanent as the Cebu International Convention Center, which is a powerful symbol of the strong, resilient, determined and hardworking spirit of all Cebuanos,” Romulo said in a press conference on Friday.

Southeast Asia lays path for future - Yahoo! News

But the most ground-breaking proposal gives ASEAN, whose combined population of 558 million is greater than the European Union, the power to suspend, or in extreme cases, expel members for serious breaches of the charter.

That could possibly put Myanmar’s membership in jeopardy if the junta continued to put up roadblocks to democracy.

But the 10 leaders, whose members range from an absolute monarchy and military juntas to parliamentary democracies and one-party communist states, failed to agree on the inclusion of a human rights mechanism within the charter’s blueprint.

GMANews.TV - Regional charter, free trade zone top agenda in Asean summit -

Southeast Asian leaders met Saturday to finalize plans to transform their diverse region into a tightly knit political bloc, establish a region-wide free-trade zone and intensify their fight against terrorism.

The leaders of the Association of Southeast Asian Nations have agreed to write a charter to create a more formalized regional bloc and establish the free trade zone by 2015, according to a draft of their final statement.

GMANews.TV - ‘Barong’ provides relief to Asian leaders amid tropical heat -

Southeast Asian leaders on Saturday donned the Filipino everyman’s formal shirt, called “barong,” an extremely thin attire that provided relief in the tropical heat as they gathered for an annual summit.

It also lent a casual air to the meetings before the leaders huddled to tackle burdensome issues of terrorism, free trade, energy security, human rights.

Chao-Vietnam: AASEAN Leaders Arrive; Dateline ‘Cebu, Philippines’ 

AS summit host to Asian nations and other partners, Cebu mounts a unique world stage, hoping to get recognition beyond the weekend conference.

Four of 16 heads of state — those of Brunei, Laos, Malaysia and Myanmar — arrived in Cebu starting 4 p.m. yesterday.

President Gloria Macapagal-Arroyo flies in today with heads of state and government of six other countries – ASEAN members Indonesia, Vietnam, Cambodia, Singapore, Thailand and observer Timor Leste, with others to follow over the weekend.

GMANews.TV - Asean summit safe from terrorists? Military says Cebu City impregnable -

The military on Thursday said Cebu is crawling with troops and police to ensure the security of the 12th summit of the Association of Southeast Asian Nations following three successive bombings that hit three Mindanao cities that killed seven people and injuring dozens others.

“Definitely, Cebu is safe,” said Armed Forces public information office chief Lt. Col. Bartolome Bacarro of the summit’s venue.

Trade dominates Asean summit; China key to regional agreement

Trade issues dominated talks between 16 foreign ministers from across Asia meeting in the Philippines on Friday, with Australia saying China is the key to the success of a regional trading bloc. Foreign ministers met in the Shangri-La resort in the central Philippine city of Cebu in a bid to agree on freer trade among the 10-member Association of South East Asian Nations and China, Japan, India, South Korea, Australia and New Zealand.

Intra-Asean trade totals $306 billion. China’s trade with the group, which includes Indonesia, Thailand, Malaysia, Singapore and the Philippines, has tripled in the five years to 2005 to $113 billion. It now accounts for 9.3% of trade conducted by Asean. “ Bilateral and trade negotiations have dominated discussions,’’ Australian trade minister Warren Truss said in an interview. “Still, China is the key to any regional discussion for an agreement that enhances freer and fairer trade. It has become the dominant player.’’ China and Asean have vowed form a free-trade area of 1.8 billion people by 2010. Chinese Premier Wen Jiabao, Japanese Prime Minister Shinzo Abe and Korean President Roh Moo Hyun will arrive on January 14 for the Asean Plus Three meeting.

Ministers meet on sidelines of Asean summit - January 13, 2007

PRIME Minister Lee Hsien Loong met Vietnamese Prime Minister Nguyen Tan Dung on the sidelines of the Asean Summit in Cebu yesterday.

They discussed ways to deepen bilateral economic ties, accelerate
regional integration and strengthen the Asean community, and agreed
that the report of the Eminent Persons Group (EPG) and the Asean
Charter initiative are important steps forward.

Mr Lee also met Laos Prime Minister Bouasone Bouphavanh on the sidelines of the summit yesterday.

Balita - Linking Filipinos worldwide with news since 1994

Philippine President Gloria Macapagal-Arroyo and nine other heads of states are now in Cebu for the official opening of the 12th Association of Southeast Asian Nations (Asean) Summit.

President Arroyo arrived at mid-morning Friday together with First Gentleman Mike Arroyo and Presidential Daughter Luli Arroyo.

She was met by Cebu officials led by Cebu Gov. Gwendolyn Garcia.

However, both  have decided to leave one day earlier than scheduled due to other commitments.

South Korea, Indon leaders cut short trips to ASEAN Summit

South Korean President Roh Moo-hyun has decided to cut short his trip to a summit this weekend with regional leaders, Roh’s spokesman said Friday.

Indonesian President Bambang Susilo Yudhoyono also plans to cut short his visit due to domestic concerns, an Indonesian Embassy official here said without elaborating further.

ASEAN Business Back Single Market Economy 

The ASEAN Business Advisory Council will urge today the heads of state and governments of the Association of Southeast Asian Nations (ASEAN) to push for a “real meaningful partnership” between the government and private sector in working towards a common market by 2015.