The finance ministers of China, Japan and South Korea said that while prospects for their economies remained positive, high oil prices may pose a serious risk to regional economies.
The ministers said on Tuesday that they would welcome efforts to increase energy supplies and therefore lower prices.
The three met in Istanbul in advance of the annual meeting of the Asian Development Bank, which opened yesterday.
"The prospects of the three countries' economic growth for 2005 are positive although the continuous high oil price may pose a major risk to the regional economy," the ministers -- Japan's Sadakazu Tanigaki, China's Jin Renqing (金人慶) and Han Duck-soo of South Korea -- said in a joint statement after meeting on Tuesday night.
The statement said the three "welcome the efforts to increase medium-term energy supply and efficiency including the encouragement of dialogues between oil-producing and oil-consuming nations."
The three also agreed to make concerted efforts to boost their representation in international financial institutions such as the IMF, the statement said. Asian powers have repeatedly said they are underrepresented in such institutions.
The ministers also discussed efforts to expand the so-called Chiang Mai Initiative, a regional network of bilateral currency-swap agreements that was created after the 1997 to 1998 Asian currency crisis and aims at mutual assistance in times of financial difficulties.
Han said the ministers were looking to expand the initiative from bilateral to multilateral agreements.
Earlier, the head of the Asian Development Bank, Haruhiko Kuroda, addressed recent tensions between China and Japan, saying they were unlikely to disrupt economic ties between the two countries, but adding that economic ties could be hurt if the strains persisted.
If the tension between Asia's two largest economies is prolonged "it could undermine further integration of economies in the region," Kuroda said.
But he added: "I don't think this strong interdependence is undermined, because this interdependence is extremely good for both economies."
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old