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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Concerns at US trade proposal as APEC meets AFP - Saturday, November 6 Send IM Story Print KYOTO, Japan, Nov 5, 2010 (AFP) – Asian countries are set to express concern at next week's G20 summit in South Korea about a US proposal for targets to rein in global trade imbalances, a plan China rejected on Friday. Association of Southeast Asian Nations (ASEAN) members will discuss the issue at a meeting of finance officials of the Asia Pacific Economic Cooperation (APEC) forum in Kyoto this weekend, Thailand's finance minister said Friday. "We're concerned that it could encourage trade protectionism," Korn Chatikavanij said of the plan suggested by the United States last month that G20 members restrict current account surpluses or deficits to four percent of GDP. "We'd like a coordinated agreement," he added. G20 leaders meet at a summit in South Korea next Thursday and Friday. A member of one ASEAN delegation told Dow Jones Newswires that a group statement would also be discussed during a meeting with US Treasury Secretary Timothy Geithner this weekend in Kyoto. China on Friday rejected the US proposal, which would force China, among others, to rein in its massive trade surplus. Targeting China's hefty current account surplus would be an indirect way for Washington to cajole Beijing into relaxing its grip on the yuan and allowing the currency to appreciate -- a move demanded by key trading partners. The president of the Asian Development Bank urged Beijing to make the yuan more flexible, saying it would be good for the Chinese economy. Haruhiko Kuroda also lent his support to the US trade proposal but said it needed modifying. "I think some kind of benchmark may be useful for reducing global imbalances in the medium term," Kuroda said. Political tensions have been high as trading nations caught in the US-China crossfire look to protect their export-driven growth and jostle for a trade advantage. Asian nations cite super-loose US monetary policy as a factor roiling currency markets, hammering the dollar and prompting a wave of speculative money to pour into Asia and drive up regional currencies. Pressure on the greenback has increased after the US Federal Reserve this week announced further easing measures to pump money into the US economy. On Friday Vice Foreign Minister Cui Tiankai, China's top negotiator on G20 issues, called on the Fed to explain its decision to spend 600 billion dollars buying government bonds to kickstart the recovery. The Fed's move, which follows a similar quantitative easing worth about 1.5 trillion dollars during the crisis, has stoked fears of a deluge of speculative cash into emerging markets by players seeking higher non-dollar returns. Finance officials from the 21-member APEC trade forum will discuss the contentious issue of rising Asian currencies on Saturday, following an October G20 pledge to "refrain from competitive devaluation", officials said. Japanese Finance Minister Yoshihiko Noda, speaking in Tokyo before leaving for meetings in Kyoto, western Japan, said that "the issue of currencies may come up as we discuss growth strategy in the region". But officials also said there was little expectation that the weekend APEC session would help move the debate forward, given the forum's more recognised role as a place for debate compared to the Group of 20 nations. "The G20 really is the main forum for global policy coordination," said ADB's Kuroda. A draft of the APEC finance ministers' communique, to be finalised Saturday, will call for deficit and surplus economies to take steps to keep the global economy growing, but will dodge the currency issue, Dow Jones Newswires said. APEC was launched in 1989 to promote trade and strengthen economic cooperation in the Asia-Pacific region, which now accounts for more than half the world's economic output and 40 percent of its population. The group includes Australia, China, Japan, Peru, Russia, South Korea, Taiwan, the United States, and seven members of the Association of Southeast Asian Nations. 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