New Delhi: The Government today (Dec 11, 2003) called for greater economic cooperation among Asian nations so that the balance of power at the WTO could be tilted in favour of developing countries.

"ASEAN (Association of South East Asian Nations) have helped in promoting socio-economic and political cohesiveness. Asian community now needs to focus on the economic cooperation front, which can tilt the balance of power in our favour," Minister of State for Finance Shripad Naik said at a seminar organised by economic think-tank RIS and ADB in New Delhi.

"All of us are a witness to the bulldozing tactics of economic powers while dealing with WTO. We can no longer allow the world order to be discriminatory," he said.

Calling on Asian nations to realise their potential by asserting their strengths, Naik said, "This dream can, however, come true if we stand united on matters of common interest and put up a tough fight against superpowers, which are threatening the very sovereignty of the nations."

Stressing on greater monetary cooperation, RIS vice chairman S T Devare said, "Japan, Korea, China and India are all engaged in negotiations of free trade arrangements with ASEAN. Asia can take a lesson from Europe where monetary and financial cooperation has gone as far as to replace their national currencies by Euro."

PTI