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.