Troubled Asia urged to keep markets open

Troubled Asia urged to keep markets open

SINGAPORE (AFP): U.S. Commerce Secretary William Daley urged
troubled Asian countries yesterday to keep markets open to ensure
long-term economic security as U.S. envoys prepared for talks
here on the region's financial crisis.

Daley, who starts a three-day official visit to Singapore on
Thursday as part of a regional tour, said he wanted to "reinforce
the importance of continued U.S. commercial engagement" in the
region.

U.S. ambassadors from across Southeast Asia are to meet here
Thursday with Daley to discuss the Asian crisis and trade
opportunities in the region.

"This fact-finding mission is an important step on a longer
path: convincing the nations of this region that the only
approach to long-term economic security is open markets," said
Daley, who earlier visited Japan and South Korea.

"I am confident that these economies can weather this crisis
and move to a sustainable growth path if they make the
appropriate policy measurers," said Daley, who will meet with
Singapore officials led by Prime Minister Goh Chok Tong, Senior
Minister Lee Kuan Yew and Trade Minister Lee Yock Suan.

The U.S. envoys, who will meet until Friday, will include
ambassadors to Brunei, Indonesia, Malaysia, the Philippines,
Thailand and Vietnam. Senior diplomats based in Myanmar and Hong
Kong will also participate.

"The visits by Secretary Daley and a group of highly
experienced American diplomats from around the region are clear
indications of strong U.S. interest in working to alleviate the
current financial problems and to find realistic ways to expand
U.S.-ASEAN trade," U.S. ambassador to Singapore Steven Green
said.

The Association of Southeast Asian Nations (ASEAN), a key U.S.
trade partner, groups Brunei, Indonesia, Laos, Malaysia, Myanmar
(Burma), the Philippines, Singapore, Thailand and Vietnam.

Green said Washington had vital interests at stake amid
increasing economic interdependence, and was a staunch supporter
of Asian stability and prosperity.

"We need, and I am convinced it is possible to have, a 'win-
win' way out of the current Asian currency crisis," he said.