Economic bloc challenge urged

Press, 8 October 1988, Page 33

Economic bloc challenge urged

PA Wellington A former Prime Minister of Korea has urged Pacific Basin nations to rise to the challenge posed by emerging economic blocs. Dr Duck-Woo Nam told the standing committee of the Pacific Economic Cooperation Conference in Wellington recently that the , unified European

market was only four years away; with other similar economic groupings rapidly emerging throughout the world, Pacific Basin nations could not afford to be left behind. “My hope is that, over time, the P.E.C.C. will evolve into a stronger mechanism through which the Pacific nations,, as a <4

whole, can effectively cooperate, build up a consensus, and resolve the many challenging economic issues ahead of us,” P.E.C.C. is a tripartite group of influential business leaders, scholars and Government officials (who attend in a privte capacity). Dr Nam told the standing committee the

P.E.C.C. must begin to think of moving to stage three in its development — to become a vehicle for influencing public policy.

He proposed a series of committees to pursue P.E.C.C. goals at national level and the expansion of the role of a standing committee.