[Weekly Compilation of Presidential Documents Volume 34, Number 47 (Monday, November 23, 1998)]
[Pages 2327-2328]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on Departure for Tokyo, Japan

November 18, 1998

    Good morning. I wanted to say a few words before I depart about the 
goals for our trip to Japan and Korea. From the time our administration 
took office in 1993, we have believed it vital to the future of the 
United States to look not only to the west but, as a Pacific power, to 
the east as well and to forge a strong Asia-Pacific community for the 
21st century. Central to that effort are the APEC leaders forum, which 
has just concluded, and the strengthening of our bonds with Japan and 
Korea, two of our strongest allies for promoting democracy, securing 
peace, building prosperity.
    Our domestic economy remains very strong. Our strategy of fiscal 
discipline, investments in education and technology, and opening markets 
abroad has produced unprecedented gains for America's families. But our 
long-term prosperity requires a healthy global economy. American exports 
create jobs, and those jobs pay, on average, about 15 percent above 
normal other jobs in our economy.
    If people overseas lose their jobs, therefore, they can't afford 
American products and our workers and farmers pay the price. We see that 
in the slight decline in our exports so far this year due to the global 
financial crisis in general and the problems in Asia in particular.
    Clearly, in order to sustain progress at home, therefore, we have to 
exercise leadership abroad. That is why we're pursuing a comprehensive 
plan to contain the global financial crisis, spur growth, and strengthen 
international financial systems for the 21st century.
    We have met our obligation to the IMF, pressed the World Bank to 
more than double its investments to people who have suffered the most. 
We have helped to organize a new aid package to keep the contagion from

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spreading to our important trading partner, Brazil--and Brazil, I might 
add, has also begun to take strong economic measures of its own--and 
we've established a program to keep the crisis from spreading to other 
countries which are vulnerable in spite of their own good economic 
policies. Now we're taking our efforts directly to Asia where the crisis 
began and where we must work to bring it to an end. I have spoken with 
Vice President Gore, who represented the United States so ably at the 
Asia-Pacific Economic Conference.
    The situation in Iraq, as you know, prevented me from attending, but 
I followed the proceedings very closely, and I got a good report from 
the Vice President. The summit has just concluded, and I'm very pleased 
that the leaders there made progress on our efforts to make trade more 
free and more fair so that we can increase prosperity for the new 
century.
    Prime Minister Obuchi and I also announced a new U.S.-Japan 
initiative to help Asian banks and businesses emerge from the crushing 
debt burdens they have and restore growth. This was another important 
objective in the program I announced at the Council on Foreign Relations 
in New York a few weeks ago.
    Now, in Japan and Korea, I will work for further progress. Nothing 
is more important to restoring stability and growth in Asia than efforts 
to restart Japan's economy. It has long been Asia's engine of growth. It 
is, as all of us know, the second-largest economy in the world, but it 
has been stalled for 5 years.
    In meetings with Prime Minister Obuchi, a townhall with Japanese 
citizens, and other settings, I look forward to discussing how Japan can 
promptly and effectively implement its commitment to banking reform, 
stimulate consumer demand and growth, deregulate key economic sectors, 
and open its markets to fair trade. Just as the world looked to us in 
America 6 years ago to put our economic house in order, today nations 
look to Japan to take decisive steps to help the Japanese people to 
restore growth in Asia and around the world.
    Now, in South Korea I will meet with President Kim Dae-jung. We all 
know he's a courageous leader who has devoted his life to strengthening 
Korean democracy. Now he and his fellow citizens face a difficult but 
necessary task of reforming their financial institutions, their 
corporate sector, and getting growth back on track there. It will be 
essential, in this regard, not only for the Government to act but for 
Korea's big business conglomerates to do their share for economic 
reform.
    On this trip, we will also work to strengthen the security for our 
people. If Iraq's weapons of mass destruction have dominated recent 
headlines, we must be no less concerned by North Korea's weapons 
activities, including its provocative missile program and developments 
that could call into question its commitment to freeze and dismantle its 
nuclear weapons effort. This trip will give us an opportunity to address 
this critical issue where China has also played a very constructive 
role.
    We also want to support President Kim's strategy of engagement on 
the Korean Peninsula and to ensure that our forces are strong and 
vigilant in Korea until there is a just and lasting peace there. And 
finally, on the way home, I'm looking very much forward to stopping in 
Guam and spending some time with our fellow citizens there.
    Thank you very much.

Note: The President spoke at 8:52 a.m. on the South Lawn at the White 
House.