ASEM for bold action to avert recession

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Beijing, October 24: : Faced with an unprecedented global financial crisis, leaders from 45 European and Asian nations, including Prime Minister Manmohan Singh, on Friday got together for bold action to avert a possible recession as China sought concerted efforts to weather the storm.

India made its debut at the highest level at the Asia-Europe (ASEM) Summit held at the Great Hall of the People in Beijing and was joined by five other new entrants Pakistan, Bulgaria, Mongolia, Romania and the Secretariat of the Association of Southeast Asian Nations (ASEAN).

The Prime Minister, who met his Pakistani counterpart Yousuf Raza Gilani and some other leaders on the sidelines, will address the summit on Saturday.

Chinese President Hu Jintao, in his key-note speech, emphasised that the world can overcome the current crisis through concerted efforts.

"Only with strong confidence and concerted efforts can we weather the crisis," Hu said, referring to the ongoing financial meltdown triggered by the US credit crunch.

Presiding over the opening ceremony, Prime Minister Wen Jiabao said Asia and Europe should intensify coordination and cooperation to meet global challenges.