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Ahead of the Asia-Europe Meeting (ASEM) summit at Beijing the Prime Minister of India Dr Manmohan Singh has come out with suggestions to tackle the on-going recession in global financial market. During a dinner in Bejing the Prime Minister stated that the IMF and World Bank should take up immediate steps to contain the financial crisis. According to him, additional assistance should be provided in large amounts with less service conditions and greater flexibility to developing countries. Manmohan Singh feels that the present financial situation is the result of massive failure of regulatory and supervisory mechanism. He stressed on the need of good regulatory mechanism which could have averted the global financial break down.
The seventh summit of ASEM is likely to take place in Beijing. Besides India, the international summit will be attended by a large number of countries including South Korea, Mongolia, Pakistan and 27 nations of the European Union. Before coming to Beijing, Indian Prime Minster had also visited Japan where he signed a land mark security pact with that country. Japan has also approved the $4.5 billion loan for constructing 1468 km-long freight corridor between New Delhi and Mumbai. Besides financial crisis, the ASEM summit in Beijing is likely to evoke discussion on expanding dialogue and cooperation between Asia and Europe on a wide range of global issues.
