From: John King/CNN
Subject: Pacific Rim Leaders Endorse Bailout Plan
In their final communique, Asian Pacific leaders on Tuesday endorsed a bailout plan for rattled Asian economies and, in an effort to calm investor jitters, declared their view that longterm economic prospects are strong and "that Asia-Pacific will continue to play a leading role in the global economy."
CNN obtained a copy of the final document as the 18 leaders met this afternoon to map their response to the Asian market turmoil. It says, "Our economies and the international community as a whole have a strong interest in seeing a quick and enduring restoration of financial stability and healthy and sustainable growth. These events reflect new challenges in the international financial system that require new responses."
Embracing a multi-billion dollar International Monetary Fund stablization plan, the APEC leaders say, "We believe it is critically important that we move quickly to enhance the capacity of the international system to prevent and respond to financial crises of this kind."
The document also says the leaders agreed to new trade liberalization rules in 15 economic sectors, with nine to be finalized in 1998 and implemented in 1999.
The final communique is vague on one issue viewed as critical by the Clinton Administration: global climate change.
The document calls the rising emissions of greenhouse gases "of vital significance" and calls for "cooperative efforts by the international community." It offers support for the United Nations conference on climate change being held next month in Kyoto, Japan, but endorses no specific steps or goals for reducing greenhouse emissions.
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Tuesday Nov. 25, 1997
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