While nobody should argue against ongoing efforts to develop an early-warning mechanism or broad stabilization measures to head off similar disruptions in the future, a wrong and counterproductive response to the recent upheaval would be to put the brakes on financial services liberalization. On the contrary, the Canadian Council for International Business, Canadian affiliate of the International Chamber of Commerce, believes that one of the most positive outcomes would be for the APEC Leaders as a group to provide an impetus to the negotiations at the World Trade Organization on financial services liberalization, which are scheduled to conclude December 12, 1997. It would not be the first time that APEC, a relative newcomer to the world stage, has taken a lead. Financial services liberalization could be a stabilizing factor internationally. The presence of foreign participants encourages local financial service providers to improve their performance, and introduces the healthy checks and balances of competition.
Local enterprises benefit from greater access to increased inflows of capital and expertise.
A second important area that affects the business grassroots of every national economy is how to make life easier for the small and medium-sized enterprises, which number a staggering 40 million throughout the APEC economies. Maybe the most important requirement is to cut red tape, the bane of any small entrepreneur trying to find time to make his or her business succeed. Other requirements are improved access for small business financing, establishment of business networks and alliances, and the facilitation of temporary business entry. Even in the digital age, business success depends on getting out there on the ground to talk to the customer. So let's encourage our governments to make these things easier to the mutual benefit of businesses throughout the APEC region.