Clinton to meet ASEAN leaders on currency crisis
Clinton to meet ASEAN leaders on currency crisis
MANILA (AFP): U.S. President Bill Clinton is to meet with a group of Southeast Asian leaders in Canada later this month to discuss the financial turmoil besetting their economies, Philippine Foreign Secretary Domingo Siazon said yesterday.
The meeting with the Association of Southeast Asian Nations (ASEAN) leaders should be held over breakfast on the sidelines of the November 24-25 summit of the Asia-Pacific Economic Cooperation (APEC) forum in Vancouver, Siazon told reporters here.
"President Clinton has indicated that he would like to have a breakfast with the ASEAN leaders," he said.
The Filipino official said ASEAN expects the U.S. leader to discuss "how to deal with this particular currency turbulence, and of course to reassure Southeast Asia that in the eyes of the United States of America, Southeast Asia is important as a major economic partner."
The meeting has been tentatively set for Nov. 24, he added. ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, as well as Myanmar and Laos. The heads of government of the first seven are scheduled to attend the APEC summit.
APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, the Philippines, Singapore, Taiwan, Thailand and the United States.
A government statement said Tuesday that Philippine President Fidel Ramos will ask the APEC summit to endorse a financial mechanism to support beleaguered Asian economies.
In other development, Malaysian Prime Minister Mahathir Mohamad said Tuesday he hoped to win sympathy for Asian countries adversely affected by recent currency turmoil at a summit of Asia-Pacific leaders later this month.
"I would like APEC to appreciate the issue of currencies," he told a seminar, referring to the 18-member Asia-Pacific Economic Cooperation forum whose leaders are scheduled to meet in Vancouver from Nov. 24.
"It is important that the more powerful and rich countries should give consideration to the poor members. They must be sympathetic. They cannot say it is market forces," the prime minister said.
"I hope to get some sympathy from members of APEC," he added.
On the proposed Asian fund facility, Mahathir said Malaysia was keen to find out what role it could play in the wake of the current regional currency crisis.
"If it is just another extension of the International Monetary Fund of course there would be almost no necessity (for the fund) but we would accept the Asian fund function differently from the IMF," the prime minister said.
The facility was mooted by Japan to help ensure stable currency exchanges in the region.