Japan warming to EAEC idea
Japan warming to EAEC idea
KUALA LUMPUR (AFP): Japan's Finance Minister Masayoshi
Takemura said here yesterday that Tokyo was warming to the idea
of a caucus for East Asians to confer on economic issues
affecting the region.
"The Japanese people are increasingly agreeing and supporting
the idea of holding talks amongst East Asians on matters relating
to the region," a Japanese embassy official quoted Takemura as
saying during talks with Malaysian Premier Mahathir Mohamad.
Takemura said Japan appreciated the efforts made by the
Association of Southeast Asian Nations (ASEAN) to explain the
Mahathir-mooted East Asian Economic Caucus concept to countries
which have negative views about it, among them the United States.
Mahathir had in October last year told Japan coolly that the
EAEC could succeed even if Japan opted to stay out.
His remarks were seen by analysts as a reflection of growing
impatience with delays, largely caused by Japan's indecision for
fear of antagonizing the United States, which termed the caucus a
budding trade bloc.
ASEAN officials had admitted that the inclusion of Japan as
one of the core members was crucial to the success of the EAEC,
envisaged by Mahathir in December 1990 as a loose consultative
forum for East Asian economies.
The caucus was earlier set to get underway by the end of 1994,
grouping Japan, South Korea, China, Hong Kong, and ASEAN
countries Malaysia, Brunei, Indonesia, the Philippines, Singapore
and Thailand.
During separate talks with Deputy Premier Anwar Ibrahim
earlier yesterday, Takemura proposed that Japan and Malaysia
jointly host an international conference for financial experts in
the East Asian countries.
Malaysia agreed in principle to host the conference in Kuala
Lumpur within three months, said the secretary-general of the
finance ministry, Clifford Herbert.
Herbert, briefing reporters after the talks between Anwar and
Takemura, said Japan wanted to participate actively to help the
region in technology and human resource development.
"Japan wants to seek the understanding of the US on the EAEC
and see the conference as a positive development towards the
EAEC," Herbert said.
On liberalization of the finance sector, Anwar told Takemura
that Malaysia, as a developing nation, could not be expected to
loosen up at the same pace as the developed world.