Japanese Prime Minister Junichiro Koizumi said here Tuesday East Asia needs strong economic systems which will enable the region to enjoy confidence of global investors and consumers.
Countries in the region, he said, need to enhance legal systemsin the area of anti-monopoly issue, ensure the protection of intellectual property rights as well as the transparency of the public procurement system.
"The kinds of reforms required will differ from country to country, however, every country will need the determination to change systems if ill-suited to the current situation though they used to function well," Koizumi said in a speech delivered to the business and investment summit of the Association of Southeast Asian Nations (ASEAN).
"I am prompting reform in Japan in the belief that without structural reform there can be no rebirth for Japan," he said.
Commenting on Japan-ASEAN partnership, Koizumi said partnershipon the economic front should be fortified as alongside the European Union as ASEAN is Japan's second largest trading partner,sharing over 110 billion US dollars in trade annually.
"I firmly believe that the aim of the Japan-ASEAN partnership is to transform the East Asian region into an open community that acts together and advances together," he said.
The prime minister was in Bali to attend the two-day ASEAN+4 summit involving leaders of the 10-member ASEAN, China, India, Japan and South Korea.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.