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APEC Symposium on the Asian Economy

Report to the APEC Economic Leaders

September 1999

Institute for International Monetary Affairs
Thailand Development Research Institute Foundation

Rt. Hon. Jenny Shipley
Prime Minister of New Zealand

Dear Madame Prime Minister,

   We are pleased to submit to Your Excellency, as Chairperson of the APEC Economic Leaders Meeting, a summary of the proceedings of the APEC Symposium on the Asian Economy, held under the auspices of the Government of Japan and Government of the Royal Kingdom of Thailand.

   The Symposium was graced by your presence as well as by your keynote speech, which inspired those of us who participated in its working sessions as well as the general audience. Your speech gave us several important points to ponder as we returned to the working sessions in order to draft the summary of our discussions.

   Indeed, we found out in our deliberations that there is a richness of perspectives and ideas from scholars and other thinkers from APEC economies on giving a new momentum to APEC.

   In particular, on the financial crisis that affected many East Asian economies, there was a broad divergence of views on the causes and immediate consequences of the crisis. But most participants had a convergence of views on the need for domestic reforms, which have to be deep, structural and long-term. There was also a consensus on the need for crisis-affected region's economies to cooperate more closely with one another, particularly in training and research in support of the market-oriented reforms they need to carry out.

   At the symposium, the participants identified, in the wake of the financial crisis, a need to find a bridge in APEC, which connects the mainstream process of APEC, being taken care of by Foreign Affairs and Trade and Industry Ministers, with the APEC Finance Ministers' process. Given the close interconnection between trade and investment issues, covered by the APEC mainstream, and monetary and financial issues, covered by the APEC Finance Minister's process, we commend to your leadership and your peers in the APEC Economic Leaders' Meeting to provide the overarching coordination.

   In behalf of all the participants at the Symposium, we wish once again to thank Your Excellency for your gracious appearance and inspiring speech in Tokyo on July 23, 1999. We assure you as Chair of the APEC Economic Leaders' Meeting of our full support and best wishes for your success.

Sincerely,

Jesus P Estanislao
University Professor
University of Asia and the Pacific
Former Secretary of Finance
Republic of the Philippines

Toyoo Gyohten
President
Institute for
International Monetary Affairs

Chalongphob Sussangkarn
President
Thailand Development
Research Institute Foundation

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