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Asia: Financial Turbulence And Speculative Investors

Volume 589: debated on Wednesday 6 May 1998

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asked Her Majesty's Government:Whether, following the second Asia-Europe meeting, it has been decided that the international community should take measures against speculative international investors, as reported by President Kim Tse-chung of South Korea on 5 April, and if means to this end will now be sought in the Multilateral Agreement on Investment negotiations; and, if not there, where. [HL1622]

Discussion of the recent financial turbulence in Asia dominated the second Asia-Europe Meeting (ASEM2) in London on 3–4 April. Asian and European leaders offered their full support for the reform programmes that are being implemented in Asia. There was also a constructive discussion of how the international financial system might be strengthened, including greater openness and transparency. Measures aimed specifically at "speculative" investors are not under consideration either generally or in the MAI, where the intention of the Government is that all investors should be entitled to the benefits of the agreement.