ASEAN KEY DESTINATIONS
Malaysia call for fairer trade
Fair trade should be free of protectionism while a more effective governance will create balanced development and spur global recovery, the prime minister said.
Najib said Malaysia would also call for more effective regional and interregional cooperation.
"The lesson learnt from the global crisis requires us to rationalise our fiscal and financial policies, so that what we do collectively, will be more effective than if we did it individually.
"The world financial architecture should therefore be revamped in a holistic and comprehensive manner," he explained.
Najib, who arrived here late Sunday afternoon, will speak at the first plenary session of the two-day summit this afternoon.
On the call for stricter regulatory supervision, Najib said, it is important to put in place, pre-emptive measures to prevent a crisis that could cause the collapse of financial institutions and affect the world financial system. Stricter supervision is required, particularly in the secondary financial market, which Najib said has no previous regulatory functions and was among the contributing factors to the crisis last year. Najib said Malaysia would also stress the need to proceed with regional and bilateral free trade agreement negotiations because, "this is something which can help countries like Malaysia."
On a weekly basis, the ringgit closed higher at 3.0855/0880 compared with last week's close of 3.0900/0930.
Against the British pound, the ringgit appreciated to 4.7869/8818 from 4.8460/8526 but declined against the euro to 4.2339/2386 from 4.1335/1381.
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