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Mahathir blasts US for trying to block Asian-only trade group
JAKARTA. Sept 3: Malaysian Prime Minister Mahathir Mohamad said an economic grouping linking the Americas and Asia could turn into a tool for rich nations and attacked Washington for trying to block an Aslan-only group, reports Reuter
"We arc still very worried that APEC might not serve the purpose of this region that it might be used by the more powerful nations for their own interest." he told a new* conference
APEC, or the Asia Pacific Economic Cooperation grouping. was originally proposed by former Australian Prime Minister Bob Hawke.
The forum links North , America with the booming Asia-Pacific region
The US backs APEC but has sharply criticised Malaysia s
proposal to form a group only for Asians- the Eut Asian Economic Caucus ( EAEC)— saying It was too exclusive and could turn into a trade bloc of Its own
Mahathir ha* said Aslan needs the EAEC as the European Community moves towards economic and monetary union, and with the recent ratification of the North American Free Trade Agree ment (NAFTA) between the US. Canada and Mexico.
"We don't understand this because they have just formed NAFTA which is a trade bloc, pure and simple." said Maha thir. who is attending the Non Aligned Movement summit in Jakarta.
"We are just trying to form a forum where we can voice our fears and may be take a common stand with regards
to world trade Bui we arc literally not allowed to." he said
Mahathir has accused the Untied Stale* of pressuring Its Asian trading partner*, tn par tK-ular Japan, to avoid backing the EAEC
Trading environment criticwed
adds Leader* of most Non Aligned countries criticised the present trading envl ronment. which they fell had turned the developing roun trie* into econoiqjc slaves of the rich and developed north
They made a strong plea that NAM should renew its ef fort* to strengthen economic cooperation among the devei opment countries as well with the advanced nations
Malaysian Prime Minister Mahathir Mohammad said the independence of nation* to
decide on their own policies has been effectively curtailed New concepts such as intellectual property, local con tents, free trade arrangements and selective discriminatory taxes restrict world trade and slow down the economic growth In many countries." he said
Zimbabwe s President Rob ert Gabriel Mugabe while noting the Inequitable structures and economic inibal ances between the north and the south and the uncertain ties of the International eco nomlc environment, urged NAM to renew the North South dialogue
He said,"only through strengthened South South co operation can we Increase our influence and < fk < tlvencss a* we seek Io revive the North South dialogue* In connec
Hon with this, he supported Pakistan Prime Minister Nawaz Sharifs suggestion that the standing ministerial commit tee for economic cooperation be reactivated
An earlier Xinhua reports from Kuala Lampur adds: Malaysia s central bank will make Bilateral Payment Arrangements (BPA») with as many countries as is necessary to strengthen trade relations with developing countries, said the bank's deputy governor Lin See Yan
The bank has so far signed 14 BPAs with the centra) banks of Venezuela, Mexico. Chile, Peru In Latin America, Algeria. Sudan, Nigeria. Mozambique. Botswana and Zimbabwe in Africa. Romania In eastern Europe. Iran. Pakistan and Fiji In Asia and Oceania, he told a symposium
here Wednesday
A similar accord is to be sealed with Seychelles this month and another one is expected to be signed with Vietnam possibly this year, he added
The BPAs Includes revolving credit facility and palm oil credit and payments arrangements. he said In his paper on PBA A South-South Initiative.
He said the BPAs has con tributed to the Increase of trade with developing countries with the total volume of trade with Chile. Mexico and Peru rising from 126 million US dollar In 1990 to 263 mil Hon US dollar in 1991. a surge of 106 per cent.
Trade between Malaysian and these nations is anticipated to increase further this year, he added