Talk on economic crisis

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