ASEAN to enhance finance cooperation, economic integration

BANDAR SERI BEGAWAN (Xinhua) - The two-day 17th ASEAN Finance Ministers' Meeting concluded here today afternoon with a joint ministerial statement reaffirming their commitment to promote stable and integrated ASEAN.

"We are determined to continue our efforts to work towards economic and financial integration," said the statement.

ASEAN finance ministers also vowed to narrow the development gap and raise the living standards of their people by reducing barriers to trade, investment and financial flows.

The ASEAN leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit on  Nov. 20, 2007 in Singapore to serve as a coherent master plan guiding the establishment of the ASEAN Economic Community 2015.  

In order to strengthen ASEAN finance cooperation and economic integration, ASEAN finance ministers said there is a need for stronger economic surveillance efforts to achieve regional economic integration.

"We are encouraged by the improved work of the ASEAN Integration Monitoring Office (AIMO), particularly with the development of surveillance reports, monitoring tools, and capacity building programs," said the statement.

ASEAN was founded in 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Since then, membership has expanded to include Brunei, Myanmar, Cambodia, Laos, and Vietnam.