The financial turmoil in Asia dominated the recent summit of leaders from the Asia Pacific region in Vancouver. At the end of the meeting the 18 leaders called for trade liberalisation and reaffirmed their faith in the region's underlying economic strength. The American administration has been arguing that economic reforms and free trade are the best way to ensure lasting stability in Asia. The BBC's US affairs analyst, Henri Astier, asks if these arguments have won the day.

On the face of it, the final declaration issued in Vancouver could have been written in Washington. APEC leaders agreed that Asian economies are fundamentally sound -- echoing the declaration of faith made at the beginning of the summit by President Clinton.

They said confidence in Asia's financial markets must be restored by putting the International Monetary Fund firmly in control of any international bailout; the eighteen leaders also endorsed a US-backed plan for further liberalisation of trade and investments.

APEC leaders have shunned anti-Western rhetoric and given a ringing endorsement to all-American recipe for success -- economic reforms and open markets.

Or have they? The Vancouver statement was long on brave talk of concerted action but short on specifics.

Take the agreement to strengthen the IMF: APEC has approved a plan worked out by a ministerial meeting in Manilla, that would require economies in trouble to undertake reforms in exchange for billions of dollars in assistance.

Richer members would provide backup financing in IMF funding is not enough. The communique made no mention of how much money the ailing countries would need. More worryingly, it is far from clear who would provide any extra money required.

The US Congress does not want to put aside extra resources towards IMF bailouts and the Clinton administration has called on Japan to take the lead in pulling its neighbours out of the doldrums.

But the Japanese themselves are not so keen on decisive action. In Vancouver, Prime Minister Ryutaro Hashimoto said that his country was not so conceited as to think it could be the locomotive which would revive Asia.

One may wonder who will drive Asia's recovery, if the world's two largest economies are scrambling for the back-seat.

There's a similar muddle on the trade front. APEC members agree that free trade is as vital to economic success as healthy financial markets. The region, after all, accounts for more than half of total world trade.

In Vancouver, APEC leaders have pledged to cut tariffs in nine key sectors ranging from toys to chemicals and environmental technology by 1999. They also promised to seek completion by next month of an agreement which would open up the financial sector to foreign competition.

However, no concrete targets have been set. And the ability of the United States to deliver on free trade is itself in question: many Asian leaders wonder what Mr Clinton's pledges of free trade are worth when Congress has refused to increase his authority to negotiate trade deals.

In Vancouver, APEC leaders were keen to project a sense of unity and purpose, in order to reassure nervous financial markets -- but many underlying differences and uncertainties remain.
 

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