TOO much gloom is unhelpful. But as things stand, it is hard to expect anything of substance that
                       might orchestrate changes to the global financial system from the Apec summit in New Zealand
                       next week.

                       We are in heartfelt agreement with International Trade and Industry Minister Datuk Seri Rafidah
                       Aziz that it will not differ from the previous meetings in Vancouver and Kuala Lumpur.

                       This is the tragedy of international confabulations on new financial architecture which do not go
                       beyond articulating the need for it. Could Apec be different from these international
                       organisations? Doubtless, it has come a long way since the inaugural ministerial meeting in
                       Australia in 1989.

                       But not far enough. It could lend its collective weight to reform the global financial system through
                       specific measures designed to ensure transparency and accountability in the operations of the
                       economic agents involved in the capital flows. Its economic co-operation programme could be
                       expanded not merely to come up with ideas to deal with financial crisis (ideas were aplenty in the
                       last two summits) but to implement major financial initiatives.

                       As the sole organisation comprising all the crisis-ridden economies, it could have been more than
                       a mere bystander as the regional crises unfolded since mid-1997. It should have seized on the
                       occasion to establish its relevance to economies pulverised to ashes by currency speculation.

                       It squandered the chance. As observed by Rafidah, Apec had a very good chance to "very
                       strongly come up with something that people could accept at that point of time (the Vancouver
                       meeting) and to start the ball rolling" and as for the subsequent meeting in Kuala Lumpur, major
                       powers within the organisation showed caution in pushing for the regulation of the financial system
                       when they could have purposefully stated their case for reform.

                       The vested interests of certain members prevented the Apec forum process from participating
                       actively or coming up with ideas to restructure the system. Her comment that Apec is not coming
                       up with any idea appears to be true. It seems impotent, maybe desperately in need of Viagra or
                       Tongkat Ali potion to shake it from its stupor.

                       The truth is there is a huge gulf in economic thinking among its members. The call for its role in
                       restructuring the system is met by a standard answer - Apec is a forum process, not an institution.
                       So, Apecnomics is driven by the economic interests of the United States and close allies.
                       Apecnomics does not equal Asianomics. This is why Malaysia has renewed its call for the setting
                       up of an East Asia Economic Caucus, as done by Prime Minister Datuk Seri Dr Mahathir
                       Mohamad in his recent trip to China and now, by Rafidah.

                       Both Japan and China must take the leadership challenge in formulating an Asian stand and more
                       important, working together for what we call Asianomics which embrace free market but
                       understand from hard experience the vital need for regulation in international capital market and
                       adjustments or corrections to the liberalisation process.

                       Call it a new deal for Asia. Global capitalism is unequivocally understood to be American
                       capitalism and it is largely moved by, what Columbia University's Bhagwati calls, the Wall
                       Street-US Treasury-IMF complex. Not even in the name of 'human rights' will anyone fight for
                       Asia's economic interests. Asia must rise with or without Apec.

                       There is much that Apec could have done but did not do or will not do. Worse, with most
                       countries recovering from the crisis, many members feel that Apec is now not an appropriate
                       place to discuss reforms to the system.

                       The current calm masks the acute need for global financial reforms. Apec can be a prime mover
                       in the restructuring of the financial system. If only US and Japan will allow the slumbering
                       reformist spirit of Apec to awake. Until then, we know what it did last summit and the next
                       summit.