JAPAN IS PUSHING FOR AN ASIAN UNION

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NEW YORK:

Japan's new Prime Minister, Yukio Hatoyama, in his first meeting with China's President, has proposed the formation of an East Asian community.

On the eve of the United Nations General Assembly in New York, Mr Hatoyama proposed to Hu Jintao the formation of a grouping like the European Union. He said the vision was designed to unify the region, possibly under a single currency.

''I told [Mr Hu] I would like to form an East Asian community by overcoming differences'' including a dispute over exploitation rights for gas fields lying near islands the two countries claim in East China Sea, Mr Hatoyama told reporters.





"I hope and am convinced China-Japan ties will develop more actively and enter a new phase," Mr Hu said, congratulating the Japanese leader on his election victory last month.

Mr Hatoyama's Democratic Party of Japan ended six decades of Liberal Democratic Party power, years that were often marked by frosty relations with China over Japan's war record.

Mr Hu agreed the two countries should work towards friendship and co-operation, and that officials should begin negotiations on an agreement. Mr Hu invited Mr Hatoyama to a summit including South Korea by December.

Mr Hatoyama urged Mr Hu to work on promoting public support for an accord with Japan. The Chinese President welcomed Mr Hatoyama's stance on Japan's aggression during World War II. Mr Hatoyama said his administration would honour a 1995 statement in which Japan apologized for past aggression.

WILL THE G20 KICK THE G8 TO THE CURB ?

The group of eight industrialized powers are now ineffectual in the worldwide financial crises, according to researchers and international affairs experts.

The G8 consiste of Britain, Canada, France, Germany, Italy, Japan ,Russia and the United States. But the G8 depends on the G20 which includes Argentina, Brazil, China, India and South Africa.

Richard Portes, a researcher at the London School of Economics said "no substantive results have come out of the G8 for years. Portes said the G8 has become irrelevant. Barry Echengreen at UC Berkely said reform of the IMF could not be done without China, the largest reserve holder.

Kumor of the Indian Research Council said there should be a G4 , Japan, China, The United States, and the European Union.

EU CALLS FOR "NEW DEAL FOR NEW WORLD " WITH OBAMA

Economic Times | November 6, 2008

BRUSSELS: The head of the European Union (EU)’s executive body, the European Commission, on Wednesday congratulated Barack Obama on his victory in
the US presidential election and called on him to work with the EU to shape a "new deal for a new world".

"This is a time for a renewed commitment between Europe and the US. I want to assure Senator Obama of the support of the European Commission and of my personal support in forging this renewed commitment to face together the many challenges ahead of us," European Commission President Jose Manuel Barroso said.



"We need a new deal for a new world. I sincerely hope that with the leadership of President Obama, the US will join forces with Europe to drive this new deal - for the benefit of our societies, for the benefit of the world," he said in a statement.

Ahead of Tuesday’s election, politicians across Europe had expressed the hope that the successor to US President George W Bush - whether Obama or his rival, John McCain - would abandon Bush’s unilateral stance in favour of more cooperation with the EU.