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America's Car Companies Encouraged By APEC's Targeting of Auto Sector

26 November 1997

America's Car Companies Encouraged By APEC's Targeting of Auto Sector

    WASHINGTON, Nov. 26 -- The following statement was issued by
Andrew H. Card, Jr., President & CEO of the American Automobile Manufacturers
Association (AAMA), at the conclusion of the meeting of Heads of State of the
18-member Asia Pacific Economic Cooperation (APEC) forum.

    "This was a timely meeting of the leaders of the APEC nations.  With
escalating problems in Japan's financial system, continuing instability in
many Asian stock and currency markets, and prospects of lower economic growth
in many Southeast Asian economies, it was important that they reaffirm their
commitment to seek the best ways to restore stability and mutual confidence in
the region.
    "President Clinton appropriately stressed to the other leaders that the
solution to most of the region's economic problems must be pursued by those
governments taking decisive actions on long-overdue deregulatory reforms and
structural changes in their home markets.
    "AAMA is encouraged that the APEC leaders chose the automotive industry as
one of 15 product sectors designated as candidates for special attention over
the coming year.  We hope to act on this decision by initiating a dialogue
with auto and auto parts industry representatives in other APEC countries to
seek the harmonization of automotive safety and environmental regulations
throughout the APEC region as a means to encourage increased reciprocal trade
opportunities in this sector.  AAMA looks forward to working with its
counterparts at the Japan Automobile Manufacturers Association and the Korea
Automobile Manufacturers Association to develop a coordinated plan of action
early in 1998 to follow up on this major new initiative."

    AAMA is the trade association whose members are Chrysler Corporation
, Ford Motor Company , and General Motors Corporation
.  The AAMA site on the World Wide Web can be reached at
http://www.aama.com.

SOURCE  American Automobile Manufacturers Association