Leaders of Korea, China, and Japan “Cooperate to Stabilize the Exchange Rates”

President Roh Moo-hyun, who is currently visiting Laos to attend the 8th ASEAN+3 (Korea, Japan, China) conference, had a summit with Chinese Prime Minister Wen Jiabao and Japanese Prime Minister Junichiro Koizumi and urged North Korea to return to the six-party talks as soon as possible yesterday.

At the trilateral summit of Korea, China, and Japan held at the International Cooperation Training Centre (ICTC) in Vientiane, the three leaders agreed to make joint efforts to stabilize the international exchange rates, which have recently shown rapid fluctuations.

At the summit, President Roh stressed, “I thank the endeavors made by both countries: China for dispatching a special envoy to Pyongyang and Japan for urging the North to participate in the six-party talks. As the George W. Bush administration will start its second term, it is time for Pyongyang to participate in the talks as soon as possible and seek substantial advancements.” According to Advisor to the President for Foreign Policy Chung Woo-sung, who attended the summit, Prime Ministers Koizumi and Wen respectively replied, “The six-party talks is the sole and effective seat to resolve the North Korea nuclear issue,” and, “As the continuation of the six-party talks is the united wish of the international community, China will continue its efforts to persuade North Korea.”

Concerning the exchange rate issue, President Roh raised the necessity for cooperation among the three nations, saying, “The exchange rates of Korea and Japan are being rapidly appreciated recently. This will negatively affect not only Korea’s economy but also the regional economy in the long run.”

Jung-Hun Kim jnghn@donga.com