MALAYSIAN Prime Minister Dr Mahathir Mohamad is expected to press strongly for this month's Asia-Pacific Economic Co-operation forum in Vancouver to agree to currency trading rules following his success in winning support for the idea last week from the Group of 15 developing countries. He had earlier gained some attention for his proposal for a new regulatory code from the Commonwealth heads of government meeting in Edinburgh last month, as well as backing from the Association of Southeast Asian Nations. White House spokesman Mike McCurry said he thought the summit was an 'excellent opportunity to address some of those questions that go into countering some of the fluctuations we see in the markets'. He did not say anything about regulation, adding that Apec and the work that would be done in Vancouver was about 'building the fundamentals of strong, prosperous economies into the future for the entire region'. Malaysia will not find Apec as cosy a coterie as the G15. And unlike the G15 summit, Apec has other important issues, such as trade liberalisation and Customs reforms, on the agenda. Analysts believe the United States may be prepared to make some concessions to Malaysia and its supporters on the question of currency trading curbs but is likely to argue for a control mechanism to go with the regional stabilisation fund proposed by Japan. Abdul Kadir Mohamed, secretary-general of the Malaysian Foreign Ministry, said last week's G15 meeting had breathed 'new life and vigour' into the group. Until Malaysia introduced the currency trading question, there was widespread apathy over the meeting. Only six heads of government turned up and early discussion centred on whether this apparent sign of diminishing interest among some members signalled a lack of direction on the part of the group. The revitalisation, however, came from a single issue - the currency crisis - prompting criticism that Dr Mahathir had dominated the group with his own agenda, something delegates at the Vancouver summit will be keen to avoid.
