Malaysia won't fully deregulate markets: PM
Malaysia won't fully deregulate markets: PM
Associated Press, Kuala Lumpur
Malaysia won't fully deregulate its markets for global trade, and even Southeast Asian regional Free Trade Area agreements should be reviewed, Prime Minister Mahathir Mohamad said.
In a television interview broadcast late Tuesday, Mahathir said developed countries claim that "markets are about making profits" and a failure to address social issues is a reason for rejecting full liberalization.
Developed countries "are not interested in social work, so we cannot have that, we have to regulate the market," Mahathir said in the interview, as quoted by national news agency, Bernama.
"We will have to have some regulations, but they are proposing total deregulation," he said.
Referring to European subsidies for farmers, which prevent Argentina from selling its more-cheaply produced meat in Europe, Mahathir said developed countries "don't speak the truth."
Referring to a free trade agreement among the Association of Southeast Asian Nations, Mahathir said some Asian countries would only be burdened by further competition, and members should keep an open mind about a single regional market, particularly for certain sectors such as the automotive industry.
"Some countries may not be able to afford letting in competitive products from neighboring ASEAN countries," Mahathir was quoted as saying.
He said nations from the 10-member group shouldn't bind themselves to agreements to the extent that "we become totally helpless having to obey the words on the piece of paper, knowing very well it is going to harm us."
He also acknowledged the painful impact of the 1997 Asian financial crisis on individual Asian economies.
"We were economic tigers before, but (now) we are not even cats," Mahathir was quoted as saying.
Leaders from ASEAN, which groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, will hold their annual summit in Brunei next month.