Protectionism, N. Korea nukes targeted by SE Asia summit

by BLOOMBERG

CANBERRASouth-East Asian nations and Australia vowed to unite against protectionism, while also using a summit in Sydney to urge North Korea to denuclearise immediately.

“We are committed to free and open markets,” the final communique from the first Australia-Asean Special Summit, held in Sydney, said yesterday. They pledged to resist “all forms of protectionism”.

Global markets were rattled earlier this month after Gary Cohn resigned as President Donald Trump’s chief economic advisor following the announcement of tariffs on US imports of steel and aluminium. Bloomberg Economics estimates a full-blown global trade war could wipe US$470 billion (RM1.84 trillion) off global gross domestic product by 2020.

On North Korea, Asean and Australia agreed that the nation’s nuclear and ballistic missile programmes were a threat to the region and urged “complete, verifiable and irreversible denuclearisation on the Korean peninsula”.

With concern about North Korea’s nuclear programme rising, Trump signalled he will agree to meet with his North Korean counterpart Kim Jong-un within months to solve the longbrewing stand off.

“We are cautiously encouraged by these developments,” Singapore Prime Minister Lee Hsien Loong told reporters after the summit. “We hope these recent steps will contribute toward lasting peace and stability.”

Asean and Australia emphasised the importance on non-militarisation in the region, and called for an early conclusion of an effective code of conduct in the South China Sea.

The US has criticised China for land reclamation and other moves to assert control over areas also claimed in part by South-East Asian countries.

During the summit, Australia and Asean signed an agreement to enhance intelligence sharing and disrupt terrorists’ ability to communicate through digital messaging. It comes as concerns grow throughout South-East Asia about the influence of Islamic State (IS)-inspired terrorists returning from the Middle East, with Indonesia and Philippines seen by experts as vulnerable to attack.

Malaysian Prime Minister Datuk Seri Mohd Najib Razak told the summit on Saturday the violence against Rohingya Muslims in Rakhine state was creating a recruiting ground for IS. It’s now a security threat to South-East Asia and can no longer be thought of as a domestic matter, he said.

Myanmar’s Aung San Suu Kyi will meet Australia Prime Minister Malcolm Turnbull today. Turnbull confirmed the summit leaders discussed the matter of the ethnic violence with her yesterday.

“It’s a very complex problem,” Turnbull told reporters, adding it was a humanitarian disaster. “Everyone seeks to end the suffering that has been occasioned by the events, the conflict, the dislocation.”