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Soros/CIA brush off their "Yugoslavia" plan for Malaysia |
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WMR Soros/CIA brush off their "Yugoslavia" plan for Malaysia |
March 4-5, 2013 -- S |
Mahathir Counters a U.S. Push for Reviving WTO Talks (Update1) Oct. 20 (Bloomberg) -- Malaysian Prime Minister Mahathir Mohamad, 10 days away from retirement, countered a U.S.-led plan to revive global trade talks by saying developing nations must set the framework for the negotiations. Developing nations ``want to be able to propose an agenda, which will be fair to rich and the poor,'' Mahathir, 77, told a meeting of leaders from the 21 Asia-Pacific economies in Bangkok. Last month's failure of World Trade Organization talks in Cancun, Mexico, was a ``minor success,'' he said. Support for Mahathir may undermine efforts by the U.S. to get APEC leaders to back a revival of talks using the text of the failed Cancun accord as a starting point. Some members of APEC, whose economies control half of world trade, were among nations calling for an end to farm subsidies in the U.S. and Europe as part of trade liberalization. Mahathir has ``always said free trade should be fair trade -- this is perhaps the last time he'll be able to make an impact,'' said Lee Heng Guie, head of economic research at CIMB Securities in Kuala Lumpur. His successor, Abdullah Ahmad Badawi, may take a more diplomatic approach to promoting the same stance, he said. This isn't the first time Mahathir has been on a collision course with the U.S. and Europe. He took on the U.S. financial community five years ago by blaming the 1997 devaluations of Asian currencies on hedge fund managers such as George Soros, whom he called a ``moron.'' He is also keeping the Malaysian ringgit's value pegged to the dollar as the U.S. pushes for flexible exchange rates. Tariff Cuts Mahathir's insistence on a new draft, which would set back already delayed talks, is a cause for ``despair'' if it finds an echo among other developing countries, New Zealand's Prime Minister Helen Clark said. Freedom from tariffs, quotas and bans may add as much as $500 billion to $8 trillion of annual global commerce, the WTO estimates. Trade ministers from the 21 Asia-Pacific economies on Saturday called on world leaders in a joint statement to revive the WTO talks. Members should use a text of the failed compromise agreement in Cancun as the starting point, the communique said. U.S. Trade Representative Robert Zoellick called for leaders to ``move beyond hand wringing.'' Mexico, Chile and the Philippines were among APEC members that had resisted easing limits on imports of industrial goods without concessions on agricultural trade. By cutting tariffs on foreign-made cars and allowing free entry to multinational banks developing countries would reduce themselves to suppliers of cheap labor to global companies, Mahathir said. ``At Cancun, we could not agree to the agenda, simply because it wasn't our agenda,'' said Mahathir. Cheap Labor A new draft would mean more delays to the so-called Doha round of negotiations that started in Qatar two years ago, with 2004 as its deadline for removing trade barriers. Singapore's Trade Minister George Yeo says the goal has already been missed by at least two years. APEC trade ministers last week decided to ``quickly re- energize'' negotiations by using the draft Cancun agreement as the starting point. The U.S. today signaled that it's willing to reach a compromise on farm subsidies. Bush ``understands the difficulties that many nations have with policies of their own, as well as ours in the area of agriculture and how difficult that is,'' U.S. Secretary of State Colin Powell said in Bangkok. ``But he's committed to try to do everything he can to move that along,'' Powell said. `Missed Opportunity' Mahathir may try to lobby other APEC leaders to refrain from renewing that call in their official communique, to be released tomorrow at the end of the leaders' meeting. ``There are differences in views,'' Sihasak Phuangketkeow, the Thai foreign ministry spokesman, said at a press briefing. The leaders agreed that ``what is important is to start talks seriously on the basis of the best text instead of starting anew.'' If the current round of talks starts afresh, ``then truly we'll never get around,'' New Zealand Prime Minister Clark said. Attending a panel discussion with Mahathir and Clark, Chilean President Ricardo Lagos sided with New Zealand, calling Cancun ``a tremendous failure'' and a ``missed opportunity.'' Opposite Mahathir, who is also the finance minister, defied the International Monetary Fund in 1998. The IMF recommended raising interest rates to keep local currencies from falling. Countries such as Thailand, where the contagion began, followed the fund's advice and allowed their companies to go bankrupt under high interest costs. Mahathir did the opposite. He pegged the ringgit to the dollar and imposed controls on taking money out of the country, moves that allowed him to slash interest rates to revive exports. Stanley Fischer, then deputy managing director of the fund, described Mahathir's policy as an ``extremely retrograde step.'' Four years later, the IMF called Malaysia's currency peg a ``stability anchor'' to the economy. Mahathir opposed the U.S.-led wars in Afghanistan and Iraq. Last year, he called Australia ``unsafe'' for Muslims. Last week, he asked Islamic nations to unite, urging them not to be ``defeated by a few million Jews.'' Currently, he's exhorting Muslim nations to give up their dependency on the U.S. dollar and trade using the gold dinar. Protection By levying a 300 percent tariff on imported cars, and by saying it won't consider new licenses for overseas banks before 2007, Malaysia wants to protect local enterprises, such as state-owned Perusahaan Otomobil Nasional Bhd., or Proton, and Malayan Banking Bhd., or Maybank. ``We think we should be allowed to protect our own little businesses, our own little banks and industries, at least until we're big enough to compete,'' Mahathir said. ``The thrust really should be on fair trade, rather than free trade. Fair trade can be free, but free trade can be unfair.'' The APEC countries are the U.S, Japan, China, Mexico, Canada, Australia, Russia, Singapore, South Korea, Taiwan, Thailand, Brunei, Chile, Hong Kong, Indonesia, Malaysia, New Zealand, Papua New Guinea, Peru, the Philippines and Vietnam |
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