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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (1602)	11/14/1998 11:13:00 PM
From: fut_trade	Read Replies (1) \| Respond to of 3902

APEC-Clinton's no-show sparks Asian dismay By Andrew Browne KUALA LUMPUR, Nov 15 (Reuters) - An abrupt decision by U.S. President Bill Clinton to skip a meeting of Asia Pacific leaders to deal with Iraq dealt a new blow on Sunday to faltering efforts to guide the region out of economic crisis. Several Asian leaders reacted with dismay to the news, which followed a U.S. rejection of an Iraqi offer to let U.S. arms inspectors resume their work. Clinton's presence had been expected to give a decisive push to so far abortive attempts by the Asia-Pacific Economic Cooperation forum to free up trade worth $1.5 trillion and restructure the region's mountain of corporate debt. ''It's very unfortunate. It would have shown greater U.S. commitment to the Asia-Pacific,'' said Philippine Foreign Minister Domingo Siazon. Asked how Clinton's empty chair would affect a summit on Tuesday and Wednesday of 21 APEC leaders, he said: ''There's a symbolic difference. It's the biggest economy, after all.'' U.S. officials scrambled to soothe hurt Asian feelings by explaining the president was not snubbing APEC. Vice President Al Gore has been drafted in to replace Clinton. ''National security is a president's first priority,'' a U.S. official said. ''We are not sending any message to APEC at all.'' The APEC gathering is bogged down in arguments over a so-called Early Voluntary Sectoral Liberalisation plan, with Japan throwing a wrench in fast-track trade opening by refusing to cut tariffs on fish and forestry products. Trade ministers resumed discussion of the plan on Sunday to try to salvage an agreement. The annual gathering of APEC leaders was Clinton's brainchild, and he has personally used the forum to engineer last-minute breakthroughs on trade, most dramatically in Manila two years ago when the summit rescued a deal on information technology. Thailand's Deputy Prime Minister Supachai Panitchpakdi sought to put a brave face on Clinton's decision, but he could hardly conceal his disappointment. It would still be a good summit ''if they keep to the agenda, looking at common solutions and preventing its contagion,'' he told reporters. But he added: ''Of course, the weight that would have been added by President Clinton has been lost.'' Host Malaysia, at best ambivalent about APEC's free trade agenda -- and looking to the gathering to endorse its battle against currency speculation -- shrugged off the setback. ''If Clinton has problems at home and cannot attend, it does not matter,'' the national news agency Bernama quoted foreign minister Abdullah Ahmad Badawi as saying. ''Even without the presence of Clinton, the APEC summit will go ahead as scheduled,'' he said. Malaysian Prime Minister Mahathir Mohamad said: ''I regret very much that Mr. Clinton is unable to come here.'' But he also criticised U.S. plans to use force against Iraqi leader Saddam Hussein, saying: ''I don't think lobbing bombs and grenades and all that could do anything better for solving this problem.'' Washington said Iraq's offer on the arms inspectors was inadequate, although it ordered B-52 bombers that had already taken off with a payload of cruise missiles to turn around and head back to base. ''The unfortunate thing is that it is the ordinary Iraqi who is going to pay the price, not Mr Saddam Hussein,'' Mahathir said. ''He is going to survive in his bunker and when everything is over he is going to come out and be as recalcitrant as ever.'' Clinton's chief spokesman said the president, who had planned to leave on Saturday night, was still expected to visit Japan, South Korea and Guam, the other destinations on what was originally scheduled as a 10-day trip. Secretary of State Madeleine Albright arrived in Kuala Lumpur on Saturday night. ''Given the situation in Iraq, the president has decided to remain in Washington to evaluate appropriate next steps,'' Lockhart told reporters. It will be the second of six summits Clinton has missed. He offended Japan by staying away from the Osaka summit in 1995 to deal with a domestic budget crisis that had forced a partial government shut-down. The summits give leaders representing half the world's economic output a chance to kick back in a relaxed forum and chart the region's progress towards free trade for industrialised nation's by 2010 and by 2020 for the rest. U.S. officials with Albright expressed hope that the APEC gathering could achieve progress on freeing trade, restructuring corporate debt and putting in place social safety nets to protect populations plunging backwards into poverty and unemployment. --------------------------------------------------------------------------------