Currency crisis won't affect APEC forum: U.S.<\/p>\n
JAKARTA (JP): A senior United States official is confident
\nthat the Southeast Asian currency crisis will not have
\nirreparable long-term effects nor be detrimental to the Asia
\nPacific Economic Cooperation (APEC) forum.<\/p>\n
U.S. Coordinator for APEC, John Wolf, said here yesterday that
\nAPEC members in the region were generally ready to enter the free
\ntrade era, but the currency crisis made it more difficult because
\nit focused attention away from long-term APEC agendas.<\/p>\n
\"The currency instability now makes it a little more difficult
\nto concentrate on a long-term agenda,\" he said.<\/p>\n
Speaking to journalists, Wolf said countries affected by the
\ncurrency crisis must pursue sound policies which would help
\nencourage growth.<\/p>\n
He said in line with APEC's goals, the forum helps to foster
\nsound economic policies which can help propel growth further.<\/p>\n
APEC is an economic forum aimed at liberalizing trade and
\ninvestment in the Asia-Pacific.<\/p>\n
Developed members of the forum have committed to breaking down
\ntrade barriers by 2010 while developing ones by 2020.<\/p>\n
APEC groups Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New
\nGuinea, the Philippines, Singapore, South Korea, Taiwan, Thailand
\nand the United States.<\/p>\n
The forum will hold its fifth informal leaders meeting in
\nVancouver, Canada, next month.<\/p>\n
APEC members in Southeast Asia, namely Thailand, Malaysia, the
\nPhilippines and Indonesia, have been hard hit by the sudden
\ndepreciation of their currencies.<\/p>\n
Wolf said there was no point in looking back. \"We have to look
\nahead and keep moving,\" he said.<\/p>\n
\"It is a tough time but we cannot say that something has
\ncrashed and cannot be restored.\"<\/p>\n
Wolf maintained that his government would like to see the
\nregion fully recover from this setback since unfavorable
\nconditions here could also affect the United States.<\/p>\n
He said that millions of jobs in the United States were
\ndependent on the region's economic well-being.<\/p>\n
\"If this region hurts we hurt too,\" he said.<\/p>\n
Attacks on Southeast Asian currencies this week were the most
\npowerful since the regional currencies buckled under massive
\nselling after the de facto devaluation of the Thai baht on July
\n2.<\/p>\n
Thailand was forced to allow its currency to slide against the
\ndollar, unleashing the world's worst financial storm since
\nMexico's near-collapse in 1995.<\/p>\n
The baht float followed the devaluation of the Philippine
\npeso. Malaysia failed to defend the ringgit and Indonesia was
\nforced to remove a monetary regime that kept its rupiah within a
\nband against the greenback.<\/p>\n
The free float of the currencies had already immensely eroded
\ntheir values against the U.S. dollar.<\/p>\n
Since early July 1, the rupiah has dropped by over 40 percent.<\/p>\n
In Manila, Canadian deputy foreign affairs minister Lee
\nEdwards said the Southeast Asian currency crisis would be likely
\ndiscussed in meetings of the Asia Pacific Economic Cooperation
\n(APEC) forum.<\/p>\n
Edwards, who is also chairman of APEC's senior officials'
\nmeetings, said such discussions were \"pretty much inevitable\".<\/p>\n
\"When leaders meet, I think it is safe to say they will
\nreflect upon the discussions by the finance ministers and central
\nbank governors on this issue and perhaps provide some
\ndirections,\" Edwards was quoted by AFP as saying. (mds)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/currency-crisis-wont-affect-apec-forum-us-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}