[Date Prev][Date Next][Thread Prev][Thread Next][Date Index ][Thread Index ]

Asia needs U.S. to avoid depression



Asia needs U.S. to avoid depression - Philippines 
07:33 a.m. Jul 13, 1998 Eastern 

MANILA, July 13 (Reuters) - The Philippines said on Monday that support
from the United States was vital if Asia was to avoid a depression. 

Foreign Secretary Domingo Siazon said a depression could spark regional
conflicts unless it received outside help. 

``We don't want that scenario to recur here and this is why the U.S.
involvement is important because a major economy has to be involved to
ensure that we don't enter a major depression in Asia and because of
depression, we'll end up waging wars against each other, a repeat of the
pre-Second World War scenario in Europe,'' Siazon told a news conference. 

He said the far-reaching impact of the Asian financial turmoil would top
the agenda of the meetings in Manila later this month among the foreign
ministers of the Association of South East Nations (ASEAN) and their
allies. 

Foreign ministers from the ASEAN states of Indonesia, Singapore, Malaysia,
the Philippines, Thailand, Brunei, Vietnam, Laos and Myanmar are to hold
their annual meeting on July 24-25. 

This will be followed by the ASEAN Regional Forum meeting on security and
meetings between ASEAN and dialogue partners the United States, Japan,
China, Russia, the European Union, Canada, Australia, New Zealand, India
and South Korea. 

Siazon said the present Asian crisis was ``the most serious'' since the
breakdown of the Bretton Woods monetary and trade agreement in the 1970s. 

``Excessive borrowing abroad by the Asian private sector and the excessive
lending by the international financial markets were major contributory
factors to this crisis,'' he said. 

The Manila meetings will also discuss the India-Pakistan nuclear row and
the Cambodian situation. 

Siazon said the Philippines would push for the early admission of Phnom
Penh to ASEAN if the Cambodian elections on July 26 were determined to be
free and credible. 

The ministers will also discuss how to treat India and Pakistan for
carrying out nuclear tests last May and ``how to deal with the next country
that might be planning to develop nuclear weapons,'' he said. 

Siazon said the ministers would ask India and Pakistan ``to return the
genie into the bottle'' in the manner that South Africa had done by
reverting to non-nuclear status. 

The Manila conference could also be a turning point for the 31-year-old
ASEAN after some members urged a change in its policy of ``constructive
engagement'' or non-intervention in the affairs of other members in favour
of ``flexible engagement.'' 

``What we are suggesting is times have changed, that after 31 years we are
now adults and we should be able to discuss our problems frankly,'' Siazon
said. 

He said such a new approach was needed because a problem in one member
country could affect other countries. 

ASEAN has stuck to a policy of ``constructive engagement,'' involving quiet
use of persuasion, towards member Myanmar. 

``More and more the realisation that we are all together in the same boat
is becoming clear,'' Siazon said.