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Move to form Asian G-7' for better role in economic decisions

Washington opposes raising ADB capital
HONG KONG May ft The United State* »ald Tuesday It strongly opposed *lart1ng talk* on boosting the capital of the Aslan Development Bank (ADB) without formulating the regional lending agency's future policy direction. reports AFT
Olin Wethington. Assistant Secretary lor International Affairs at the United States Treasury, said a capital tn crease "should await the for mutation of a clear and clfec ttve strategy for encouraging private sector development
"In addition, the Bant, should resolve pofa-M-s relating to co financing
Moreover, before soliciting additional resources the Bank must consider its medium-term lending strategy ' he lold the Bank s annual meeting in Hong Kong
The Manila based Bank, whose two biggest sharehold ers arc the United States and Japan, will reach a limit on new lending in 1994 given Its current capital resources of 24 billion dollars.
ADB President Kimtmaau Tarumizu, who like all past presidents Is Japanese, wants to boost the resources of the 52-member regional development bank by between 25 btl lion dollar and 30 billion dollar over the next five years.
But Wethington, referring to these times of constrained budgets, said it was essential that the Bank aasess Ils strengths and target its lending on those areas where It can do the most good
The Bank must carefully analyse how It maximises the use of its current resources by assessing the essential priori ties and projects on a country by country basis." he told the
Wethington later told a news conference that Washington was "not con Mixed there is a case to pro ceed immediately on negolla tlon for capita) resources."
Reuter adds Asian Finance Ministers arc to discuss a pos sible new grouping modelled on the West's Group of Seven to strengthen the region's
voice In world economic deci stons. senior otlicial* said
The ministers, here for the Asian Development Bank an nunl meeting, would raise the issue at a lunch given by Japanese Finance Minister Tsutomu Hata, they said
Malaysian Finance Minister Anwar Ibrahim said officials had already tackled the Idea and planned to discuss it with
Hata here but stressed that it was at a very early stage
There has been a concern expressed on this and Malaysia would be very supportive of such a (plan),' Anwar lold Reuter But he added : There are no real concrete proposals
This idea may be the starting point of the grouping but formal discussion have not taken place yet." said Panas Simasathten. who heads Thailand s delegation.
It was not clear if or how often Aslan Finance Ministers would meet. No firm decisions are likely to emerge
East Asia is home for OM>st of the world s fastest growing economies, but so far II carries relatively little weight In economic decision-making, ana
One Japanese government official said that some Aslan ministers had become fru* trated by the lack of a concerted voice like the G 7. under which Finance Ministers and heads of government meet regularly to hammer out economic issues
While Japan is a member of the 0-7. which also includes the US Canada. Germany. France. Britain and Italy, the rest of the region lias no voice The official said ministers informal talks would cover the possibility of a body modelled on the 0-7.
Anwar indicated that any grouping might formulate stands on the Genera) Agreement on Tariffs and Trade (GATT) and other powerful trade bloc.
These would Include the European Community and NAFTA — the North American Free Trade Area comprising
the Untied States. Canada and Mexico.
"Some officials have talked of the need for a position vis a -vis GATT and reaction to the EC and NAFTA." he said This is very much consistent with the EAEC proposal initiative of
Malaysia has for some years wanted an East Aslan Economic Caucus (EAEC), although the idea has made little practical progress due to opposition from the United States, which would have been left out of the group along with Australia
Another AFP despatch says Discreet talks here between monetary officials from Japan, Australia. Hong Kong and Singapore highlight the grow ing economic and financial links being forged between countries In the Asia Pacific region
The meeting, chaired by Hong Kong Secretary for Monetary Affairs David Nendlck at the request of Japan, was held tn the British colony Monday on the side lines of the annual meeting of the Aslan Development Bank (ADB)
Participants said the talks were Informal with no specific agenda But more meetings are expected to be held as pari of regular consultations between the four, which have the region s most developed financial markets, they said
Among those who attended the meeting were Japanese Finance Ministry International Finance Bureau Director-General Yuichi Ezawa and Australian Deputy Treasury Secretary Ewen Waterman
The main topic was financial markets Including foreign
exchange and interest rates." Ezawa told AFT adding that the talk* were prompted by the "growing Interdependence of financial markets and economic* In our region "
Participant* said the timing of the next meeting had not yet been fixed. "We agreed to put it on a regular basis, more or less. Ezawa said." I don't think there's any opposition."
Waterman said the talk* were not linked to a proposal for regular talks between a wider group of Aslan Finance Ministers, made by Australian Treasurer John Dawkins to Japan * Finance Minister Tsutomu Hata In Tokyo last month.
But the Hong Kong meeting "was the first time represents lives from the major financial centres have got together to have a meeting of this nature." he said
Japan, alarmed at the grow Ing influence Japanese stock Index futures traded In -Singapore are exerting on Its own ailing stockmarket, has sought to avoid being seen as the major force behind the meeting, source* said.
A senior official from one of the counlrle* which took part in the talks noted that Invlta tlons were sent out by the Hong Kong government In Its capacity a* host of this year's ADB meeting.
Asia Pacific minister* tn charge of foreign affair* and trade already consulted each other once a year within the Asia-Pacific Economic Cooperation (APEC) forum. APEC met In Canberra for the first time tn 1989. grouping 12 countries 10 from the re glon plus the United States