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RIS/ADB Seminar on Monetary and Financial Cooperation in Asia |
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As a part of follow-up activities to carry forward its work on different aspects of economic cooperation in RIS, jointly with Asian Development Bank, New Delhi, organized a Seminar on Monetary and Financial Cooperation in Asia in New Delhi on December 11, 2003. Shri Shripad Naik, Hon’ble Minister of State for Finance, Government of India delivered the inaugural speech. Ambassador S.T. Devare, Vice-Chairman, RIS; Mr Louis De Jonghe, Country Director, ADB; and Dr Nagesh Kumar, Director-General, RIS also addressed the inaugural session. In his inaugural address Shri Naik said that the issues of regional importance in the global context, merit serious thought and collective action. The Asian community now needs to focus on the economic cooperation front which can tilt the balance of power in our favour. The first business session on Monetary and Financial Cooperation in Asia, chaired by Ambassador S T Devare, had three presentations: Economic Integration and Re-emergence of Asia (with focus on Monetary and Financial Cooperation) by Dr Pradumna B. Rana, Director, Regional Economic Monitoring Unit, ADB, Manila; Financial and Monetary Cooperation in Asia: Problems and Prospects by Dr Mihir Rakshit, Project Director, ICRA; and Towards an Asian Economic Community by Dr Nagesh Kumar. Dr Ashok Lahiri, Chief
Economic Advisor, Ministry of Finance, Government of India chaired the
second session on Global and Regional Economic Outlook. This session had
two presentations: Asian Economic Monitor by |
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RIS
has developed some proposals for broader schemes of regional economic
integration, including monetary and financial cooperation, to be
implemented in a phased manner, with Japan, ASEAN, China, India and Korea
(JACIK) providing the core in the first phase. These proposals were
earlier debated at the International Conference on Building a New Asia
organized by RIS in March 2003 (see RIS Diary, April 2003).