Asean ministers converge: crisis knocks issues off top of agenda

Article Abstract:

The Association of South East Asian Nations (Asean) ministerial meeting from July 24 to July 29, 1998 comes across as out of character, due to the tone of political and economic discussions. The meeting, precipitated by the Asian economic crisis, comes out as out of character since the former stance of the Asean in criticising the US in meddling with Asian affairs, is now reversed, with a number of Asean ministers chiding the US for its inaction in the Asian economic crisis. The Asean former chummy relations with Japan has been replaced with criticisms of the Japanese government for its failure to help in easing the Asian economic crisis. Among the Asean members, only the Philippines is expected to come out of the crisis without experiencing recession.

Intnl Economic Policy, Japan, Political activity, International economic relations, Japanese foreign relations, Southeast Asia, Association of Southeast Asian Nations

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Asian exports play a small role in U.S. trade deficit

Article Abstract:

The US has benefited more than it has sacrificed from the Asian economic crisis, despite efforts at selling itself as a 'contributor' to Asia's rescue by keeping its markets open and importing Asian-made goods. Although US trade deficit escalated from $58.4 billion in 1998 to $168.6 billion as a result of the Asian crisis, lower global prices for manufactured goods and commodities, particularly crude oil, will favor the US' economic expansion. The trade deficit was also partly caused by lower US sales to other countries as against a sharp increase in US imports from other Asian nations.

United States, Foreign trade, Asia, Intnl Marketing, Analysis, International trade, Balance of trade, Export marketing

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Plan backs U.S role in Asia

Article Abstract:

US and Asia finance officials agreed on a plan that would let the International Monetary Fund (IMF) initiate any financial rescue package for Asia. Under the plan, the US and Asian countries will keep track of each other's economies and propose recommendations for changes to address future troubles. Funds for bailouts would come mostly from the IMF, and the US and the other Asian countries would contribute funds as required.

Foreign Economic & Financial Assistance, International Monetary Fund, International aspects, Economic assistance, Foreign economic assistance

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