Tackling financial crisis via APEC<\/p>\n
Just when one thought APEC's days were numbered, an economic
\ncrisis in the region has surfaced to propel the grouping once
\nagain to the forefront of regional cooperation -- with the United
\nStates being looked upon once more to take the lead.<\/p>\n
Overnight, Thailand's position has changed with a new
\ngovernment. The former Chavalit administration would have found
\nit embarrassing to attend a forum of the Asia-Pacific Economic
\nCooperation (APEC), a regional grouping of Pacific Rim countries.<\/p>\n
The shame came from the former government's failure to put out
\nthe fire set when the baht was dumped by currency speculators.<\/p>\n
But with the new government led by Prime Minister Chuan
\nLeekpai, Bangkok is now viewing APEC as a mechanism to strengthen
\ncooperation, particularly in international finance which is
\ncurrently rocking regional economies.<\/p>\n
Incoming deputy prime minister Supachai Panitchpakdi has
\nsuggested that APEC help set up macro-economic coordination
\nbetween its members. And Chuan has asked to meet U.S. President
\nBill Clinton to discuss the role America can play in helping our
\nbattered economy.<\/p>\n
The U.S. had earlier underestimated the extent of the economic
\ncrisis in Thailand and regional currency turmoil. It then chose
\nto take part in the IMF bail-out program for Indonesia by putting
\nin U.S.$3 billion.<\/p>\n
Bilaterally, the White House and the U.S. Congress ought to
\nfind the new Chuan government a good partner with which to work.
\nChuan has established a good rapport with Clinton.<\/p>\n
They first met at the 1994 APEC forum at Blake Island, off the
\ncoast of Seattle. And there is common ground between the Chuan
\nand Clinton administrations on important issues such as human
\nrights, Burma and general regional diplomacy, something that was
\nlacking in the previous Chavalit government.<\/p>\n
Regionally, there are also two other important developments
\nthat the U.S. will want to engage through APEC, with Thailand's
\nsupport. The first is the planned establishment of an Asian fund
\n-- under Japan's lead -- to help combat currency speculators.<\/p>\n
Now, a challenge as big is there for APEC to be the catalyst
\nin creating a stable global order in finance and help regional
\neconomies overcome difficulties in a liberalized era.<\/p>\n
-- The Nation, Bangkok<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/tackling-financial-crisis-via-apec-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }