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