Thailand minister warns of another worldwide economic crisis

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Surin warns of another worldwide economic crisis Countries urged to tackle costly fuel

Anuraj Manibhandu

Another global economic crisis looms unless countries are willing to tackle increasing oil prices, Thailand has told the United Nations.

The international community should find a solution before the situation gets out of hand, Foreign Minister Surin Pitsuwan told the United Nations Millennium Summit on Friday.

High energy and oil prices on the world market, he said, "threatens to reverse the recovery process in many countries, including Thailand, as well as adversely affect global economic stability.

"We in Thailand are deeply concerned about the negative repercussions of high oil prices on the global economy," he said.

"It is our earnest hope that the international community will be able to find a mutually satisfactory resolution before it gets out of hand and possibly leads to another worldwide economic crisis."Mr Surin has been lobbying for an international signal to oil producers since the summit started on Wednesday. He raised the matter with leaders of oil producing countries Indonesia and Oman, as well as those of large consumer countries, such as Australia's Prime Minister John Howard and United States President Bill Clinton.

Mr Surin commended the United Nations secretary-general for his report on the UN in the new century. The report, We, the Peoples was the conference's basic document.

Thailand, he said, supported the report's emphasis on human-centred development.

The minister stressed the need to ensure a level playing field in trade so developing countries could compete with industrialised nations on a more equal footing.

Thailand sought to play a more pro-active role in achieving a more just and equitable order.

In this quest, he said, Deputy Prime Minister Supachai Panitchpakdi would assume the post of director-general of the WTO in September 2002.

Mr Surin praised a report on UN peace operations by Lakdar Brahimi.

"We look forward to the implementation of many of the recommendations proposed with a view to strengthening the capacity of the UN to conduct efficient peacekeeping operations and mount a quick response to potential threats."Thailand has taken part in UN peacekeeping operations around the world, he said, and was honoured Lt-Gen Boonsrang Niampradit was made force commander of the United Nations Transitional Administration in East Timor.

The minister urged reform of the UN Security Council.

Thailand, he said, supported expansion of both the permanent and non-permanent members of the council based on the principle of equitable geographical representation and readiness to share responsibilities.

http://www.bangkokpost.net/today/100900_News03.html

-- Martin Thompson (mthom1927@aol.com), September 10, 2000

Answers

Thailand is where the big world wide currency crisis started in 1007. They ought to know.

-- JackW (jpayne@webtv.net), September 10, 2000.

That 1007 was supposed to read 1997.

-- JackW (jpayne@webtv.net), September 10, 2000.

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