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APEC leaders say Asia’s economic prospect not bleak
VANCOUVER. Nov 24: Calling for confidence in Asia's economic future, the leaders of Canada and the United States set an optimistic tone Sunday for two-day trade meetings darkened by turmoil in Asians financial markets, reports AP.
Leaders of nations that ring the Pacific held a series of one-on-one talks before tackling economic uncertainty among Asian members of the Asia-Pacific Economic Cooperation forum.
Topics included eveiything from the South Korea bailout and the US-Canadian dispute over Pacific salmon, to strategies for next month's international meeting on global warming and the growing drive for a comprehensive treaty banning land mines.
The top public event on Sunday morning was a news conference by US President Bill Clinton and Canadian Prime Minister Jean Chretien following their bilateral meeting.
Clinton characterized the new troubles that have shaken financial markets around the world, especially in East Asia, as "a few little glitches in the road." He said nations must ban together to stabilize the region.
We believe that in the Asia -Pacific the countries are not facing a massive recession. These countries will still be growing," said Chretien.
Clinton said a financial rescue proposal Just put together at pre-APEC summit meetings in Manila will bolster the resources of the International Monetary Fund. This is a time for confidence in the future of Asia and confidence in the future of our relationship with
them." he said.
But in a speech to a business group, Philippine President Fidel Ramos said, "The turmoil, I will say at once, cannot be waved away by brave talk that it is just a passing difficulty. It is a wakeup call for all our countries."
On Korea, the most recent nation to experience a financial tumble. Clinton said, "I don't see how anyone could be less than hopeful about South Korea's economy, given their achievements over the last few decades."
Korea sought 20 billion dollars in IMF help Just as summit officials were gathering for preliminary APEC meetings fast week.
On the eve of the Monday-Tuesday summit in Vancouver, ■ several thousands demonstrators marched in unity downtown, protesting a variety of causes — Tibetan Independence, labour issues, protection of native people, women's rights and
human rights.
Street artists, bagpipe players and drummers mingled with the protesters, who hoisted signs reading "workers solitary has no borders" and "Stop China's genocide in Tibet."
On Saturday. APEC trade officials put forward a modest agreement to open markets in the Asia Pacific for such export items as toys and gems, chemicals and telecommunication equipment.
In the meantime, a leader from an APEC economy that suffered financial collapse in 1995 _ Mexican President Ernesto Zedillo _ had some advice for troubled Aslan economies: "You have to face up to the problem as soon as possible. You have to bite the bullet immediately." Zedillo, addressing an APEC business forum Saturday night, said even a few weeks delay in dealing with financial problems as big as those in Asia could be critical.