THE establishment of a regional monetary fund will be high on the agenda of the Association of Southeast Asian Nations summit in Thailand next month, the grouping’s secretary general, Mr Surin Pitsuwan, said in New Delhi last week.

Speaking to reporters in the Indian capital last Wednesday on the sidelines of an India-ASEAN forum organised by Federation of Indian Chambers of Commerce and Industry and the Singapore-based Institute of Southeast.

Asian Studies, Mr Surin said the fund would help to protect the grouping from the global financial crisis.

He said ASEAN leaders would review the regional currency swap agreement, known as the Chiang Mai Initiative.

The initiative is a financial cooperation program launched in 2000 and designed to supplement a member country’s foreign exchange reserves should its currency come under speculative attack.

Mr Surin said ASEAN and its dialogue partners – China, Japan, South Korea, India, Australia and New Zealand – have agreed to pool together more than US$200 billion to establish the fund.

He said ASEAN and East Asian economies would be able to draw on the fund as an alternative to other sources of funding.

“This will be very much Asian resources for Asian economies,” Mr Surin said.

Another issue expected to be a highlight of the summit will be the implementation of the ASEAN charter, which was launched last month and is aimed at transforming ASEAN into a European Union-style legal entity.

Describing the charter as a “historic milestone” since ASEAN’s establishment more than 40 years ago, Mr Surin said it reflected the desire of member governments to promote democracy in the region.

The charter provides for the establishment of a regional human rights body.
“ASEAN emphases that all ASEAN member states share the same aspiration and common desire to promote democracy, human rights, fundamental freedoms, rule of law and good governance,” Mr Surin said.

He said the charter would pave a way for ASEAN to establish closer ties with foreign countries.

“In the light of the charter, ASEAN shall develop friendly relations and mutually beneficial dialogue, cooperation and partnerships with countries and sub-regional, regional and international organisations and institutions,” Mr Surin said.

Mr Surin said all 10 heads of state or government in the grouping have confirmed their attendance at the delayed summit, to be held in Hua Hin, a coastal resort southwest of Bangkok.

The summit has been postponed three times since last December because of the political turmoil in Thailand, the current chair of ASEAN.

Myanmar is expected to be represented at the summit by Prime Minister General Thein Sein as well as senior ministers including Foreign Minister U Nyan Win.

Mr Surin said the summit of ASEAN and its dialogue partners, which is normally held with the regional grouping’s summit, will be held in Thailand from April 11 and 14, along with the East Asia Summit.