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.