Malaysia won't fully deregulate markets: PM<\/p>\n
Associated Press, Kuala Lumpur<\/p>\n
Malaysia won't fully deregulate its markets for global trade,
\nand even Southeast Asian regional Free Trade Area agreements
\nshould be reviewed, Prime Minister Mahathir Mohamad said.<\/p>\n
In a television interview broadcast late Tuesday, Mahathir
\nsaid developed countries claim that "markets are about making
\nprofits" and a failure to address social issues is a reason for
\nrejecting full liberalization.<\/p>\n
Developed countries "are not interested in social work, so we
\ncannot have that, we have to regulate the market," Mahathir said
\nin the interview, as quoted by national news agency, Bernama.<\/p>\n
"We will have to have some regulations, but they are proposing
\ntotal deregulation," he said.<\/p>\n
Referring to European subsidies for farmers, which prevent
\nArgentina from selling its more-cheaply produced meat in Europe,
\nMahathir said developed countries "don't speak the truth."<\/p>\n
Referring to a free trade agreement among the Association of
\nSoutheast Asian Nations, Mahathir said some Asian countries would
\nonly be burdened by further competition, and members should keep
\nan open mind about a single regional market, particularly for
\ncertain sectors such as the automotive industry.<\/p>\n
"Some countries may not be able to afford letting in
\ncompetitive products from neighboring ASEAN countries," Mahathir
\nwas quoted as saying.<\/p>\n
He said nations from the 10-member group shouldn't bind
\nthemselves to agreements to the extent that "we become totally
\nhelpless having to obey the words on the piece of paper, knowing
\nvery well it is going to harm us."<\/p>\n
He also acknowledged the painful impact of the 1997 Asian
\nfinancial crisis on individual Asian economies.<\/p>\n
"We were economic tigers before, but (now) we are not even
\ncats," Mahathir was quoted as saying.<\/p>\n
Leaders from ASEAN, which groups Brunei, Cambodia, Indonesia,
\nLaos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and
\nVietnam, will hold their annual summit in Brunei next month.<\/p>",
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