It's Time To Open All Of Asia's Markets
As President Clinton prepares to leave for the latest Asia-Pacific Economic Cooperation summit in Indonesia, he should bear in mind that a curious triangular trade has come to define much of the flow of capital and goods among the nations of APEC. Equipment and technology are imported by Thailand, Indonesia, South Korea, and other Asian countries from Japan, who then export goods mostly to the open markets of the U.S. Trade among Asians is relatively small, as each nation strives to protect its own industries from global competition. Even such a Japanophile as Malaysian Prime Minister Mahathir Mohamad recently complained about Japan's closed markets to his country's manufactured goods.
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