DAVOS (Switzerland) - JAPAN'S prime minister on Saturday called for a drop in trade barriers, saying the global financial crisis called for meticulous and far-reaching efforts.
'The world economy is facing a crisis that is said to occur only once a century,' Taro Aso told the World Economic Forum in a solo address to scores of politicians, business chieftains, policy makers and analysts.
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DAVOS (Switzerland) - JAPAN will give 1.5 trillion yen (S$26 billion) in development aid to other Asian countries for infrastructure projects to battle the economic crisis, a top government official said on Saturday.
Prime Minister Taro Aso will announce the package in a speech to the World Economic Forum on Saturday, his press secretary Kazuo Kodama said.
Mr Aso is also to suggest an end to the blame-game surrounding the economic crisis after Russian Prime Minister Vladimir Putin and Chinese premier Wen Wen Jiabao made forceful speeches here pointing the finger at the United States. 'We will say that we have no time to engage in a blame-game which is counterproductive and is in no one's interests,' Mr Kodama said. Global imbalances, he will stress, are the result of over consumption in the United States but also under-consumption and over-reliance on exports in major exporting countries such as Japan and China. 'Countries must shed their dependence on external demand,' he will say, according to his spokesman. Elsewhere, Mr Aso is also to announce a new emissions plan for the country and will reiterate a pledge by Japan made last November to lend $100 billion to the International Monetary Fund. 'We are currently examining our mid-term target (for emissions reductions) based on scientific analyses ... and I intend to announce the target in June,' he will say. He will call for greater international cooperation to battle the global financial crisis and will conclude with a call for optimism in the face of adversity. -- AFP
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