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APEC Summit, 16-18 November 1998. Attempts to solve the Asian economic crisis which is spilling over to other regions. | |||||||
| The Asia Pacific Economic Cooperation, APEC, summit was held on 16-18 November 1998 in Kuala Lumpur in the midst of 16-month Asian economic crisis. Twenty heads of Asia Pacific nations attended; the 21st person was Vice-President Al Gore. Al Gore represented U.S. President Bill Clinton, who was said to be preoccupied with Iraq. Gore publicly supported the reformasi (reform) movement of the former Deputy Prime Minister of Malaysia. There was a furore. Gore has not retracted; he was supported by Clinton. While Gore invited strong protests from the host, the summit went through many issues. One of the main issues of APEC such as trade liberalisation has been referred to the World Trade Organisation, WTO. Apparently, there was minimal progress to find a consensus | |
to tackle the Asian economic crisis. US$10 billion rescue package by Japan and U.S.A. was discussed. We are waiting for further details. Hitherto, Australia's Prime Minister Mr Howard has been reported as reluctant to contribute to the package. Japan has already promised a U.S.$30 billion package. International Monetary Fund, IMF, and the World Bank have been providing loans. Indonesia, Thailand and Korea are receiving loans from IMF. But Malaysia is going it alone, it chooses selective foreign exchange control. APEC is fragile. It is a talking shop. Still, the 21 nations should strive to arrive at a consensus in grappling with the economic crisis in the hope that there will be a new economic order. The next summit will be in New Zealand next year. Dr Tan Seng Giaw | |||||
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