Pacific-Rim trade ministers open talks<\/p>\n
KUCHING, Malaysia (AP): The United States yesterday demanded
\nthat Japan serve as the \"engine of growth\" for shrinking Asian
\neconomies as two days of talks opened on liberalizing trade in
\nthe Pacific-Rim countries.<\/p>\n
\"The United States has reiterated time and again Japan must be
\nan engine of growth for Asia,\" U.S. Trade Representative Charlene
\nBarshefsky told reporters after an hourlong, closed-door session
\nwith her Japanese counterpart, Trade Minister Mitsuo Horiuchi.<\/p>\n
\"It must, in addition to applying physical stimulus measures,
\nas well as dealing appropriately with the banking sector,
\nderegulate and open its economy,\" said Barshefsky on the first
\nday of talks between trade ministers of the 18 members of the
\nAsia-Pacific Economic Cooperation forum.<\/p>\n
\"These APEC meetings are a test of Japan's willingness to do
\njust that,\" she said.<\/p>\n
Atsuo Shibota, a top official in Japan's Ministry of Trade and
\nIndustry, said Tokyo believes its 16 trillion yen (US$118.5
\nbillion) stimulus package and tax cuts will boost its
\ndeteriorating economy and reduce its trade surplus with the
\nUnited States, which has risen 41 percent since May 1997.<\/p>\n
Malaysia, one of the APEC countries socked hard by the
\nyearlong Asian economic crisis and the APEC host, also politely
\ncalled on Japan to put its house in order.<\/p>\n
\"We in Malaysia, we don't' want to tell Japan what to do,
\ndefinitely not,\" said Malaysia Trade Minister Rafidah Aziz. \"But
\nif Japan takes whatever is necessary domestically, that will have
\nthe necessary positive impact for the region.\"<\/p>\n
The U.S. and Japanese strategies for lifting trade barriers
\nand lowering tariffs for some US$1.5 trillion worth of goods and
\nservices differ widely.<\/p>\n
In negotiations leading up to the talks, senior-level
\nofficials indicated Japan was holding up a plan to begin
\nliberalizing trade in nine industries by next year.<\/p>\n
APEC's mission is free trade among the developed member
\nnations by 2010 and developing countries by 2020.<\/p>\n
Negotiators are striving to eliminate tariffs and other trade
\nbarriers in the areas of environmental products and services,
\nenergy, fishery, forestry, toys, jewelry, medical goods, chemical
\nproducts and telecommunications.<\/p>\n
The liberalization process is slated to begin in 1999, based
\non a \"early voluntary sectoral liberalization\" agreement reached
\nat last year's APEC summit in Vancouver and expected to be ready
\nfor final signatures by the APEC summit of world leaders in Kuala
\nLumpur in November.<\/p>\n
The United States -- which helped to stabilize the Japanese
\ncurrency last week by buying up US$6 billion in yen -- has said
\nJapan's signing on to the full package was crucial to the future
\nof EVSL.<\/p>\n
Barshefsky reiterated Monday the U.S. intended to stand by the
\nEVSL agreement reached in Vancouver. \"We will await whether Japan
\nexhibits the same rules,\" she said.<\/p>\n
Atsuo Shibota, a top official in Japan's Ministry of
\nInternational Trade and Industry, told reporters that Horiuchi
\ntold Barshefsky during their talks that fast-track liberalization
\nshould be carried out on a voluntary basis.<\/p>\n
He added that full APEC participation would \"be very
\ndifficult\" if countries reluctant to open their markets were
\ndenied flexibility in setting free-market schedules.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pacific-rim-trade-ministers-open-talks-1447893297",
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"sponsor": "Okusi Associates",
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