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ASEAN finance leaders meet

Update: April, 02/2008 - 00:00

ASEAN finance leaders meet

(03-04-2008)

DA NANG — A roadmap adopted for the financial and monetary integration of ASEAN last year, and co-operation to achieve it, topped the agenda at the ASEAN Finance and Central Bank Deputies Meeting which opened in Da Nang on Tuesday.

At the meeting hosted by the Ministry of Finance, delegates also discussed co-operation in areas like insurance, taxation, customs and capital mobilisation for ASEAN’s infrastructure.

Co-operation activities to achieve the roadmap are being implemented by working groups for ASEAN capital market development, financial services liberalisation, capital account liberalisation, ASEAN monetary co-operation and the ASEAN Capital Market Forum.

The roadmap, set for implementation by 2015, was adopted at the Singapore Summit in November 2007 by ASEAN leaders.

The deputy finance ministers and deputy governors of central banks in attendance, however, discussed shortening the timeline of the roadmap for some sectors.

ASEAN+3

Under the ASEAN+3 mechanism (ASEAN plus China, Japan and South Korea), delegates discussed developing bond markets in the region by implementing the ASEAN+3 Bond Market Initiative, and reinforcing review, policy dialogue and financial assistance to co-operate in preventing future financial crises.

Delegates also approved the agenda and draft communique to be released by the finance ministers who are meeting tomorrow.

Speaking to journalists at a reception on Tuesday evening, Tran Xuan Ha, Viet Nam’s Deputy Minister of Finance and chairman of the meeting, said this meeting played an "important role" in the preparation for the 12th ASEAN Finance Ministers Meeting.

"[It] focuses on reports and recommendations to be submitted to the 2nd ASEAN Finance Ministers Meeting. These recommendations are for acceleration of ASEAN’s financial and monetary integration to match with the establishment of the ASEAN Economic Community in 2015," he said.

Delegates attended an informal ASEAN+ 3 Finance and Central Bank Deputies Meeting yesterday. — VNS

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