U.S. sees 'somber' APEC

U.S. sees 'somber' APEC

WASHINGTON (AFP): U.S. Trade Representative Charlene
Barshefsky on Tuesday warned that an upcoming APEC summit would
be a "somber" affair, citing the depth of the Asian economic
malaise and Japanese resistance to tariff cuts.

Barshefsky, briefing reporters here, said delegates to the
Nov. 12-18 meeting of the 18-member Asia Pacific Economic
Cooperation forum would gather in Kuala Lumpur, Malaysia in a
"very, very difficult context."

At the last APEC summit in Vancouver, Canada a year ago the
Asian financial crisis was in its early stages.

Now, she said, "we're really dealing with a different economic
world than we were a year ago," noting that four once-thriving
Asian nations -- South Korea, Thailand, Indonesia and Malaysia --
are expected to see their economies contract by 7 percent this
year.

"The mood (at APEC) will be somewhat somber, cautious and
concerned," Barshefsky predicted.