Liberalization of ASEAN trade, markets sought

Liberalization of ASEAN trade, markets sought

LOS ANGELES (AFP): Secretary of State Madeleine Albright said yesterday she will press Southeast Asian nations to liberalize their trade and financial markets.

Speaking to the Pacific Council and Los Angeles World Affairs Council, Albright said she will enlist the Association of Southeast Asian Nations (ASEAN) for help "in reaching a worldwide agreement this year to liberalize financial services."

Albright, who was on her way to meet ASEAN foreign ministers in Kuala Lumpur, said she will also press for "better enforcement of intellectual property rights, greater transparency in government procurement and higher standards against bribery and corruption."

"It is in our interest to encourage ASEAN to continue opening up markets and liberalizing trade," she said in remarks prepared for delivery Wednesday evening.

She said that the U.S. administration wants Congress to pass "fast-track" legislation, as this would help "open up critical sectors of the global economy" to US interests.

The legislation would bar Congress from amending trade agreements, forcing lawmakers to approve or reject agreements as negotiated.

"From a foreign policy perspective, I consider fast-track to be among our highest legislative priorities," said Albright.

Albright is scheduled to attend meetings from July 26 to 29 of the ASEAN regional forum followed by a ministerial conference on security issues.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, and admitted Myanmar and Laos Wednesday.