More Asian offers on WTO liberalization sought

More Asian offers on WTO liberalization sought

BANGKOK (DPA): Despite a region-wide financial crisis the
United States anticipates more offers from Asian countries on
liberalization of their financial services at World Trade
Organization (WTO) negotiations next September, a top U.S. trade
negotiator said yesterday.

"I do think we will see some increased offers as we resume
negotiations in Geneva next September," Deputy U.S. Trade
Representative Jeffrey Lang told a press conference following his
talks with Thai economic ministers.

Lang expressed optimism that Asian countries would not
"reverse" their decision to open their financial markets despite
the crisis that has swept through the region in recent months.

Thailand, arguably at the center of the crisis, was the sixth
Asian country Lang and his team have visited in the past week to
assess regional plans for WTO's financial services liberalization
negotiations, which are to be concluded on Dec. 12.

Lang's delegation had already visited Japan, South Korea, the
Philippines, Malaysia and Indonesia and on Monday was scheduled
to fly on to New Delhi, his final stop.

"The purpose of this mission was to listen how we could move
forward, especially in light of current circumstances," said
Lang.

To date no Asian government has submitted formal offers to the
WTO for the gradual liberalization of their financial services,
he said.

The U.S. has been one of the main advocates of concluding a
WTO financial services agreement that would commit all members to
gradual liberalization.

Lang vowed that the U.S. would not force through
liberalization at the expense of financial stability, especially
in Thailand which had to appeal to the International Monetary
Fund (IMF) this month for a financial bailout.

"We will do nothing in the negotiations that makes it more
difficult to cope with the financial situation that is affecting
these countries," pledged Lang.

U.S. officials have stressed that Asian participation in any
WTO financial liberalization deal is crucial for success.

"Here in Thailand, and elsewhere in the region, financial
officials realized long ago that market opening in financial
services is a good strategy to produce stable and growing
economies," said Lang in a statement that Thailand's current
economic circumstances appear to contradict.

Some Thai politicians have blamed Thailand's crisis on past
governments' decisions to liberalize the financial system via
dropping constraints on the flow of funds into the country,
specifically to the private sector which now has amassed some
US$70 billion in overseas debt.