By Ryu Jin
Korea Times Correspondent


President Roh Moo-hyun, left, locks hands with Japanese Prime Minister Junichiro Koizumi, center, and Chinese Premier Wen Jiabao at the start of their meeting in Vientiane, Laos, Monday. / Korea Times


VIENTIANE, Laos _ South Korea, Japan and China agreed Monday to closely cooperate to stabilize the exchange rates of their currencies against U.S. dollar, while reaffirming their commitment toward a peaceful resolution to the North Korean nuclear crisis.

In a meeting with Japanese and Chinese leaders here, South Korean President Roh Moo-hyun expressed special concerns about the recent fluctuation in exchange rates of East Asian currencies, including the Korean won.

``Abrupt changes in exchange rates are not desirable at all for our economies,’’ Roh was quoted by his foreign affairs advisor as telling Japanese Prime Minister Junichiro Koizumi and Chinese Premier Wen Jiabao. ``It is important for us to stabilize them.’’

Chung Woo-sung, the presidential advisor, told reporters that Koizumi fully agreed to Roh’s suggestion while Wen also showed sympathy in principle.

The summit-level gathering, held on the sidelines of the annual ASEAN+3 summit with the 10-member Association of Southeast Asian Nations (ASEAN), was arranged for enhancing collaboration among the three Northeast Asian nations. But exchange rates was not an official topic prepared in advance for the 90-minute-long talks, according to officials.

``President Roh has worried a lot about the won’s recent rises,’’ another presidential aide accompanying Roh said. ``His comment displays his anxiety about their bad implications for South Korea’s economy.’’

The value of the won increased by 10 percent from Oct. 1 to late November and the abrupt drop in the exchange rate of Korean currency against the U.S. dollar was expected to drastically lower the nation’s economic growth rate.

Though Chung said no concrete measure was agreed in the talks, officials in Seoul said either a meeting of finance ministers from the three countries or that of central bank heads will likely be convened in the near future.

On the North Korean issue, the three leaders agreed to join forces to make ``tangible progress’’ in the six-party talks, aimed at resolving the North Korean nuclear crisis. Roh also urged the North to make a ``strategic decision,’’ while reconfirming Seoul’s commitment to a peaceful end to the diplomatic impasse.

``Diplomatic efforts by all relevant countries are essential for the early resumption of the six-party nuclear talks,’’ Chung quoted Roh as telling Koizumi and Wen.

North Korea has held negotiations with the United States in three rounds of the six-way talks so far, with South Korea, Japan and China also participating, but no significant breakthrough has been made. The multilateral dialogue has been stalled since the last round in late June, as the North has refused to sit down with the U.S., citing Washington’s ``hostile’’ policy toward it.

Roh also stressed the need for the three Northeast Asian nations to cooperate closely in other areas for the establishment of an ``East Asian Summit,’’ which could extend the ASEAN+3 formula into the East Asian community.

The three leaders all expressed satisfaction at the fact that ministerial and other senior-level contacts had been made actively for enhancing cooperation in economic issues, trade, finance, the environment, information technology, energy and patents.

They adopted a 14-point ``Action Strategy, containing concrete measures such as the protection of intellectual property and the joint study of a three-way free trade agreement (FTA).

While attending the ASEAN+3 summit in the afternoon, Roh also called for support from Southeast Asian nations for the peaceful settlement of the nuclear standoff, while emphasizing economic cooperation between South Korea and ASEAN.

Later in the day, Roh held bilateral summit talks with the leaders of Singapore, Indonesia and Laos, the host nation of the ASEAN+3 summit.

jinryu@koreatimes.co.kr