Economic outlook for East Asia Korea's remarkable turnaround in growth in 1999 is the clearest example of the benefits of economic reform shown by any country affected by the economic crisis. The reforms put in place by Kim Dae-jung's Administration have been the single greatest factor in attracting foreign investors back to Korea. The recent rebound in Korea has been welcome news, but the recovery process elsewhere in East Asia still remains fragile. I am also concerned about the signs of protectionism in some OECD economies, particularly in sectors such as agriculture and steel. Protectionism and trade frictions could put back recovery in the region, and Australia is working intensively in APEC and the WTO to keep the trade liberalisation bicycle moving forward around the globe.
Open markets are an important driver of economic growth internationally.
And further opening of markets is a key objective for Australia at the forthcoming Seattle WTO Ministerial Meeting in November. The Australian Government is working towards the launch of a new round of WTO negotiations in Seattle. As a major agricultural exporter, and chair of the Cairns Group, a successful outcome on agriculture is a major objective for Australia. It is difficult, however, to see how we might achieve major gains in isolated negotiations on agriculture. Importantly, APEC delivered a strong message from Auckland that negotiations should include comprehensive market access negotiations covering industrial tariffs in addition to agriculture and services - negotiations already mandated from the Uruguay Round.