Asia Can't Afford To Sidestep Financial Reform

Before last fall's Asia-Pacific Economic Cooperation forum in Jakarta, Clinton Administration officials had a compelling argument for developing countries wary of joining an ambitious free-trade pact: Look at Mexico--where exports and foreign investment were booming because of the North American Free Trade Agreement. But the Mexico analogy came back to haunt U.S. Treasury Secretary Robert E. Rubin in mid-April when the APEC finance ministers convened again in Bali.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.