Will use all tools to achieve strong growth: leaders vow at

With the world witnessing continued financial volatility and geopolitical uncertainty, top leaders from Asia and Europe have agreed to use all policy tools - monetary, fiscal and structural - to foster confidence and achieve strong, sustainable and balanced economic growth.
Leaders from 51 countries, including India, met here for the 11th Asia-Europe Meeting (ASEM) in the Mongolian capital for two days and exchanged views on the current political and socio-economic situation in the world and discussed ways to address the existing and emerging challenges to peace, security, stability and sustainable development.
In a 13-page Chair's Statement yesterday, the leaders noted the modest and uneven recovery of the global economic outlook while the Asian economy continues to remain a global growth engine.

They acknowledged that steady progress has been achieved in implementing sound economic policies, including structural reforms remains crucial for securing stronger potential growth.
The Indian delegation to the ASEM Summit was led by Vice President Hamid Ansari. Other world leaders who took part in the two-day meeting included German Chancellor Angela Merkel, Chinese Prime Minister Li Keqiang, Russian Prime Minister Dmitry Medvedev and European Council President Donald Tusk.
The leaders recognised that "downside risks to the global outlook persist in the context of economic and geopolitical uncertainty, continued financial volatility, global excess capacity in industrial sectors, challenges faced by commodity exporters and persistent low inflation.

Against such backdrops, the leaders reaffirmed that they stand ready to use all policy tools - monetary, fiscal and structural - individually and collectively, as necessary, to foster confidence and achieve strong, sustainable and balanced economic growth.

The leaders agreed that increased focus in ASEM activities on connectivity will contribute to the relevance of ASEM, established in 1996.
Leaders vowed to enhance inter-regional trade and investment flows as an engine of sustainable growth and deeper economic integration connectivity between Asia and Europe. In this context, they reiterated the importance of ensuring predictable and stable business environment.
During the meeting, the leaders reiterated their view that terrorism constitutes a serious threat to international peace, security, stability and development, expressed their determination to countering terrorism and preventing violent extremism in all their forms and manifestations.

The leaders emphasised the need for a comprehensive
approach in countering terrorism and violent extremism, without associating them with any religion, nationality, civilisation or ethnic group. Leaders reaffirmed their resolve to combat terrorism financing as well as abuse of Internet by terrorist groups.
The leaders condemned all forms of incitement to hatred and intolerance, including xenophobia, religious hatred and violence. They stressed the importance of respect and understanding for cultural and religious diversity, and of promoting tolerance, pluralism, mutual respect, intercultural and interfaith dialogue and cooperation.
They acknowledged that the practice of moderation is vital to bridging differences and addressing the various manifestations of extremism.

The leaders exchanged views on the ways to promote and strengthen cooperation on international and regional issues of common interest and concern including in the Middle East, Africa, Ukraine, and recent developments on the Korean Peninsula. They also condemned in the strongest terms North Korea's nuclear, other weapons of mass destruction and ballistic missile programmes.
The leaders also expressed their strong interest in seeing Afghanistan and its people develop and prosper peacefully and welcomed all efforts undertaken by the international community to support the Government of Afghanistan to this end.
They reaffirmed their commitment to ensure peace, stability and prosperity and to promote maritime security, safety and cooperation, freedom of navigation and overflight and unimpeded commerce and to combat piracy and armed robbery at sea in full compliance with the principles of international law.

They agreed on the critical importance of confidence building measures, of refraining from the use or threat of force, and of disputes being resolved in accordance with principles of international law, the UN Charter and the UN Convention on the Law of the Sea, an apparent reference to the contentious South China Sea (SCS) issue.
The ASEM summit was the first major multilateral diplomatic gathering since the July 12 ruling by a UN-backed tribunal that struck down China's claims of "historical rights" in the SCS on a case brought by the Philippines.
ASEM comprises of 53 entities - 51 countries from Asia and Europe and two regional bodies - the European Union and the ASEAN Secretariat. It represents around 62.3 per cent of the world's population, 57.2 per cent of the global GDP and almost 60 per cent of the world's trade.

"We are encouraged that ASEM has enlarged from 26 partners to 53 over the last 20 years, and it has proven both its vitality and relevance as an important and unique platform for dialogue and cooperation between Asia and Europe.
"ASEM has been and continues to be an important factor in shaping the global setting in the 21st century through making its contribution to sustained peace, security, stability, economic recovery and to responding to global and regional challenges," a separate Ulaanbaatar Declaration said.