BALI, INDONESIA – Senator Nick Sherry, Minister for Superannuation and Corporate Law, representing Australia, has held a series of bilateral talks with key regional partners on the impact of the global recession on the region and the developing regional economic and financial architecture.
Whilst in Bali for the Annual Meeting of the Asian Development Bank (ADB), Minister Sherry held talks with Dr Sri Mulyani Indrawati, Minister of Finance, Republic of Indonesia; Xie Xuren, Minister for Finance, People's Republic of China and Mr Ashok Chawla, Secretary, Ministry of Finance, India.
"The Asian region has been hit hard by the global recession. Regional growth has fallen significantly and budget positions across the region have deteriorated sharply. This has had, and will continue to have, a direct and significant impact on the Australian economy and jobs."
"But Governments across the region are acting decisively to confront the global recession," said Minister Sherry
Minister Sherry discussed the importance of strong regional cooperation to support recovery in the Asia-Pacific region and strengthen the regional financial architecture.
"The important role of the G20 now sees Australia, China, Japan, Korea, Indonesia and India working closely together on global economic issues and more effectively represents our region in international developments."
"I was today able to discuss the importance of inclusive region-wide delivery of the G20 outcomes and the value in developing an East Asian Summit Finance Ministers' dialogue," said Minister Sherry.
Minister Sherry and the Hon Bob McMullan, Parliamentary Secretary for International Development Assistance, also held bilateral talks with the ADB President, Mr Haruhiko Kuroda; the Hon Paul Tiensten, Minister for National Planning and District Development, Papua New Guinea and Mr Sela Molisa, Minister of Finance and Economic Management, Vanuatu.
Minister Sherry has also addressed the ADB President's Panel on the impact of the global financial crisis on Asia and the Public Services International Panel of the impact of the global recession on workers' conditions.
Minister Sherry will today attend a lunch hosted by the Mr Susilo Bangbang Yudhoyono, President of the Republic of Indonesia and hold talks with the Mr Michael Tay, Executive Director, APEC.