ASEAN leaders stressed in a statement on Sunday the necessity of proactive and decisive actions to restore market confidence and ensure continued financial stability to promote sustainable regional economic growth as the global economic downturn was deepening.

The leaders, who gathered in Thailand's central seaside resorts of Cha-am/Hua Hin for the 14th summit of the Association of Southeast Asian Nations (ASEAN), agreed to stand firm against protectionism and to refrain from introducing and raising new barriers.

Facing the sweeping financial crisis and a slowed world economy, the leaders also reaffirmed in the statement their determination to ensure the free flow of goods, services and investment, and facilitate movement of business persons, professionals, talents and labor, and free flow of capital.

Meanwhile, the leaders from the 10 ASEAN member states urged that more coordinated action by both developed and developing countries should be taken to restore financial stability and ensure the continued functioning of financial markets to provide support to growth.

The leaders called for a bold and urgent reform of the international financial system to achieve a more comprehensive, equitable and inclusive system that takes into consideration the interests and voices of the emerging and developing economies.

(Xinhua News Agency March 1, 2009)