Vietnamese Deputy Prime Minister Nguyen Sinh Hung (6th L front) poses for a group photo with finance ministers from the 10-member Association of Southeast Asian Nations (ASEAN) during the opening ceremony of the 12th ASEAN Finance Ministers' Meeting in Da Nang City, Vietnam, April 4, 2008. (Xinhua Photo) Photo Gallery>>>

    DA NANG CITY, Vietnam, April 4 (Xinhua) -- The 10-member Association of Southeast Asian Nations (ASEAN) agreed here on Friday to speed up financial and monetary cooperation and integration, leading to the realization of the ASEAN Economic Community (AEC) by 2015.

    In their joint statement released when concluding the 12th ASEAN Finance Ministers' Meeting on April 4 in Vietnam's central Da Nang city, the finance ministers said," since the adoption of the Roadmap for Monetary and Financial Integration of ASEAN (RIA-Fin) in 2003, we have strengthened regional financial resilience and enhanced our capacity to manage risks. We continue to facilitate progressive liberalization of our financial services and capital accounts."

    They also stressed the importance of capacity building in the financial sector towards narrowing the development gaps among the ASEAN member states. To support the AEC goals of freer capital flows and a vision for an interlinked ASEAN securities market, the ministers agreed to form a medium-term strategic framework that systematically maps out action items to strengthen market linkages, access and liquidity.

    On establishing market linkages, the ministers agreed on the usefulness of working with bond information providers to facilitate the widest possible dissemination of ASEAN bond markets data to enhance international investors' interests.

    They also supported the promotion of alliances among ASEAN Exchanges and the exploration of greater collaborative efforts towards enhancing market linkages and liquidity in the region.

    The ministers noted the harmonization initiatives to develop ASEAN and Plus Standards to facilitate greater efficiency in cross-border issuance of equity and debt securities to strengthen the attractive and competitiveness of ASEAN as a fund-raising center.

    Besides, the ministers agreed to reinforce financial services liberalization, further capital account liberalization, foster cooperation in customs matters, enhance infrastructure financing, beef up cooperation in the adaption and mitigation of climate change, and raise ASEAN's profile as an investment destination.

    Also on Friday, the ministers signed a Protocol to Implement the fourth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services, and agreed to launch the fifth round of negotiations which will conclude by 2010.

    They agreed that the 13th ASEAN Finance Ministers' Meeting will be held in Thailand tentatively in the first week of April 2009.

    ASEAN comprises of Indonesia, the Philippines, Singapore, Thailand, Malaysia, Brunei, Vietnam, Laos, Myanmar and Cambodia.

ASEAN pledges speedy financial services liberalization

    DA NANG CITY, Vietnam, April 4 (Xinhua) -- The 10-member Association of Southeast Asian Nations (ASEAN) committed here on Friday to speed up the liberalization of major financial services by 2015.

    Concluding the 12th ASEAN Finance Ministers' Meeting in Vietnam's central Da Nang city, the ministers said in a joint statement: "We have committed to liberalize key financial services sectors by 2015, towards our leaders' objective of achieving the ASEAN Economic Community (AEC).. We reiterated our commitment to facilitate intra-regional trade and investment by progressively opening up our financial services sector to one another." Full story

ASEAN to center on financial, monetary integration

    DA NANG CITY, Vietnam, April 4 (Xinhua) -- The 10-member Association of Southeast Asian Nations (ASEAN) is considering financial and monetary cooperation and integration significant to the realization of the ASEAN Economic Community by 2015.

    "I am very pleased to know that ASEAN finance ministers and central bank's governors are reviewing the financial and monetary integration roadmap approved in 2003 and other financial cooperation programs within the ASEAN to further strengthen the region's financial and monetary cooperation and integration," Vietnamese Deputy Prime Minister Nguyen Sinh Hung said at the opening session of the 12th ASEAN Finance Ministers' Meeting in Vietnam's central Da Nang city on Friday morning. Full story