Vietnamese Deputy Prime Minister Pham Gia Khiem speaks during the closing session of the 9th Asia-Europe Foreign Ministers’ meeting in Hanoi

More effort is needed to help the global economy recover from its worst crisis since the Great Depression of the 1930s, Asian and European foreign ministers said Tuesday.

Collectively, the G20 countries intend to pump US$820 billion, or 2.0 percent of gross domestic product, into their economies in stimulus spending this year, the International Monetary Fund has estimated.

The comments came in the chairman’s statement summing up two days of wide-ranging talks by the Asia-Europe (ASEM) Foreign Ministers’ Meeting.

The ministers also “emphasized the need for further proactive policy actions to put the global economy back on track towards recovery.”

ASEM ministers also urged all countries to refrain from introducing or raising trade and investment barriers, saying protectionist measures could further harm the world economy.

ASEM groups the Association of Southeast Asian Nations (ASEAN) with the European Union (EU), China, South Korea, Japan, Mongolia, Pakistan and India.

The meeting placed cooperation to address the global financial and economic crisis at the top of its official agenda.

Source: AFP