Leaders hail free trade pact, Mahathir has reservation

Leaders hail free trade pact, Mahathir has reservation

JAKARTA (JP): Most APEC leaders praised the Bogor declaration
yesterday but Malaysia registered some reservations.

Australia's Paul Keating called the declaration "an
extraordinary new path for the Asia-Pacific region toward
extraordinary goals."

"The significance of this commitment is enormous," he told a
press conference at the Grand Hyatt hotel. "It is stronger than
that made by parties to the GATT or by G7 countries. "

Keating paid tribute to the APEC chairman.

"It is no accident that pressure is coming from Asia for
further global trade liberalization. The fact that President
Soeharto, the leader of one of the world's largest developing
countries, has taken the initiative is a sign of the fundamental
transformations which are taking place in the world economy."

Japan's Tomiichi Murayama, whose country will take the APEC
leadership on Jan. 1, announced that he would immediately begin
planning an action agenda for APEC.

Murayama mentioned that a member had some reservations about
the declaration but said, "at the end of the discussion, Soeharto
wrapped it up, saying that the declaration would be accepted by
all."

Japan also proposed enhancing cooperation by combining the
attributes of each member. Japan, he added, also stressed
cooperation for the cultivation of small and medium enterprises.

China's Jiang Zemin said his country was looking at the
benefits from the Bogor declaration in the future. "We endorse
the Asia Pacific regional trade and investment liberalization and
the long-term objective."

He warned that given the diversity within APEC, liberalization
should proceed in phases. "There should be different timetables
according to each member's (conditions)," he said.

Malaysia's Mahathir Mohamad is due to give a press briefing
today but his delegation issued a statement expressing
reservations about the declaration.

"The target dates of 2020 and 2010 are indicative dates and
non-binding on member economies," said the statement.

"The liberalization process to be undertaken will be on a best
endeavor basis," it said. "APEC member economies will liberalize
their trade and investment regime based on their capacity to
undertake such liberalization commensurate with their level of
development."

Malaysia called for the termination of the APEC mandate to the
Eminent Persons Group and, in an apparent jab at United States
and other Western countries in APEC, said "APEC member economies
should, as a matter of priority, ratify the World Trade
Organization and implement the Uruguay Round results."

Canada's Jean Chretien described the Bogor result as "a very
solid declaration."

"The unanimity was very good, the mood was very positive ...
everybody recognized that growth is sustained by reduction of
tariffs and more trade," Chretien said.

Hong Kong's Hamish MacLeod hailed the leaders' endorsement in
spite of the diversity in the level of economy of APEC members.

"This diversity is both an opportunity and a challenge. It is
an opportunity to demonstrate how free trade between different
and complementary economies can produce significant gains for
all. It is a challenge in that we must find ways of accommodating
our differences as we move towards the goal," MacLeod said.

He said even the newly-industrialized countries held different
views on the deadline. "I think they can choose whether they will
implement the free trade either earlier by 2010 or later by
2020," he added. (pan/ego/pwn/fhp)