Phnom Penh, Nov 20 (IANS): The first-ever ASEAN global dialogue was held here Tuesday, focusing on global challenges, particularly economic and financial issues.

The dialogue, held back to back with the 21st ASEAN Summit and related Summit, was attended by the leaders or representatives of East Asia Summit and the heads or representatives of the World Bank, the International Monetary Fund, the World Trade Organization, the Asian Development Bank, and the UN Conference on Trade and Development, reported Xinhua.

The high-level forum was initiated by Cambodia, aiming at exchanging views on global challenges and ASEAN role in contributing to solve all issues, Cambodian Prime Minister Hun Sen said at the opening address.

"We hold the meeting while the world has not completely got out of the global financial crisis, so we have to continue facing the uncertainties of economic growth and other issues in the future," he said.

He added that slow economic growth and weak financial system in some developed countries have caused the global market to face instability and investors are reluctant to release their capitals.

"Despite in this difficulty, to date, ASEAN economies remain resilient," he said.

"However, if the situation of the global economy is still weak, ASEAN will be inevitable from the consequences of the crisis."

"Therefore, the dialogue is very important to reflect the rising role of ASEAN in interactions to determine economic policies in the region and the world," said the premier.

Leaders of the 18 countries in the East Asia Summit including the ten-member ASEAN and the US, China, Japan, South Korea, India, Australia, New Zealand and Russia are gathered here to attend the 7th East Asia Summit.

Founded in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.