Ministers stressed the importance of a quick return to financial stability and economic growth in Asia through the rapid implementation of the macroeconomic and structural reforms necessary for recovery. They called on OECD countries to contribute to that recovery with policies that sustain growth and domestic demand, further open markets and improve conditions for investment. In this regard, domestic demand-led growth in Japan would contribute significantly. Ministers welcomed reforms being undertaken by countries in Asia and recognised their growth potential over the longer term but also urged countries affected by the crisis to implement fully and expeditiously the recommended reforms agreed with the IMF, the World Bank and other relevant international institutions. Bearing in mind the upcoming WTO Ministerial, Ministers also noted that the impact on trade and investment of the current financial and economic situation in Asia poses challenges for the multilateral system.
All countries have a substantial stake in economic stability and development in the Asian region.
Ministers agreed on the importance of all countries maintaining open markets, resisting protectionist pressures, sustaining the momentum for future broad-based liberalisation building further on current levels of market access, undertaking regulatory and structural reform, and providing a receptive climate for investment. Ministers confirmed the importance of stable trade financing facilities and of providing development assistance, as appropriate, targeted to help address the economic and social implications of the financial crisis for affected Asian countries. Ministers reaffirmed the Organisation's commitment to contribute to the international effort, led by the international financial institutions, to overcome the Asian financial crisis as rapidly as possible, through policy dialogue and co-operation in its areas of expertise. They stressed the important role of the OECD's peer review mechanism in contributing to sound macroeconomic and structural policy environments in Member countries. In this context, Ministers welcomed the commitment on the part of many non-OECD countries to a path of continued liberalisation, structural reform, good governance and the maintenance of a favourable investment climate, which contribute both to the good performance of those economies and to a strengthened multilateral system.