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To: PaulM who wrote (21566)	10/13/1998 8:52:00 PM
From: Alex	Respond to of 116834

Protectionism spree feared BARRY PORTER in Singapore Asian leaders have warned against a dangerous emerging tide of protectionism in response to the world's economic slowdown. Thailand's Deputy Prime Minister Supachai Panitchpakdi said he had concrete evidence of this happening around the world and warned it could stall Asia's recovery. "We are deeply worried about expanding export subsidies for agricultural products," said Mr Supachai, addressing a World Economic Forum summit in Singapore yesterday. "I am also worried about anti-dumping duties being applied more intensely than in the past." Mr Supachai, who is vying to replace Renato Ruggiero at the head of the World Trade Organisation when he retires next year, said Asian countries were among the culprits. Brian Chau Tak-hay, Hong Kong Secretary for Trade and Industry, said: "It is wrong to halt further trade liberalisation. "In the short-term, the best defence against protectionism is to negotiate and agree to further liberalisation." Hong Kong Trade Development Council chairman Victor Fung Kwok-king said if Asian countries threw up barriers, so might the likes of the United States and Europe, inhibiting export markets. "If we go into protective markets, I think the quid pro quo would have serious consequences for ourselves and our own economic recoveries," said Mr Fung. However, he stressed the importance of differentiating between trade barriers and curbs on destabilising short-term capital flows. He said he had finally accepted the short-term capital-flow curbs were necessary. "It took a long time for me, as a free marketeer, to come to this," Mr Fung said. South Korean Trade Minister Han Duk-soo said his country had also experienced symptoms of increasing protectionism among some of its important trading partners, for example through non-tariff barriers like increased trading licences. Mr Han said: "The Apec and WTO forum can be used for suppressing this kind of emergence of protectionism." Apec leaders are to gather in Malaysia next month for their annual summit, while the next round of WTO negotiations will take place in the US late next year. Hong Kong's Mr Chau said: "I believe that it is vital in the present economic climate for Apec leaders to send out a very strong message to the world that not only are Apec economies not looking inwards, but are still committed to further trade liberalisation." Thailand's Mr Supachai stressed the importance that the WTO talks did not take seven years to complete this time, referring to length it took to agree to the Uruguay Round. "The trade agenda is important because we need all the markets all over the world to be open," he said. Rodolfo Severino, secretary-general of Asean, said Southeast Asian countries were still strongly committed to liberalisation and implementing the Asean Free Trade Area. Mr Severino said: "Clearly, sliding back on regional economic integration and otherwise taking restrictive action on trade and investments would be the surest way of eroding business confidence and deterring investments and would thus be self-defeating." scmp.com