Talk on economic crisis

It is inevitable, but a pity nonetheless, that the discussions between world leaders which annually precede the formal start of Asia-Pacific Economic Cooperation (APEC) summits do not provide enough time to produce a joint approach to some of the crippling economic problems facing the region.

Yet at no time in recent years has such a joint approach been so needed. The failure of Japan's fourth largest brokerage has only worsened fears for the future. While world leaders tend to be cautious in their comments, some APEC participants may secretly agree with the Singapore-based dealer at an American bank who has been quoted as saying: "If Japan goes, we all go."

Year after year at its annual forums, APEC turns over the same tired arguments and counter-arguments, wanders off the course of regional economic problems with political squabbling, agrees in principle on broad plans which seldom see the light of day, and puts off the real issues for another year.

APEC is, or should be, more than just a talking shop. While its role does not include implementing policy, it can identify global economic objectives. Within that broad span, there is plenty of opportunity for nations to win minor battles without getting bogged down in political rhetoric and without chasing concepts which are, in large part, intangible.

We know that Malaysian Prime Minister Mahathir Mohamad will once more stress the need to tightly regulate currency trading. And we know that United States President Bill Clinton will press developing countries, especially China, to commit themselves to reducing greenhouse gas emissions.

But world leaders must also embark on a real dialogue. This means they must listen to each other's viewpoints and try to understand the extent of international opposition to certain national policies. Only through this kind of dialogue will anything be achieved at the summit.

-- Hong Kong Standard