ASEAN now becomes a comprehensive and dynamic regional political-economic entity playing an important role in the world. The bloc is speeding up its economic integration, especially financial-monetary component.
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Vietnamese Deputy PM Nguyen Sinh Hung: Financial-monetary integration is a vital component of ASEAN economic integration, 14th ASEAN Finance Ministers’ Meeting, April 8, 2010
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The 14th ASEAN Finance Ministers’ Meeting (AFMM-14), the third one held in Vietnam, opened this morning in the coastal city of Nha Trang in Khanh Hoa Province.
Addressing the opening session, Deputy PM Nguyen Sinh Hung underlined that as a comprehensive and dynamic regional political-economic entity playing an important role in the world, ASEAN is now speeding up its economic integration, especially finance-monetary as a vital component.
He asserted that ASEAN’s action plan on capital market development, liberalization of financial services, insurance, customs and banking cooperation is very important.
According to the Deputy PM, the “Asian capital market development initiative” and “Chiang Mai Initiative Multilateralization” are key factors for faster financial-economic integration in the region.
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Delegates to the 14th ASEAN Finance Ministers’ Meeting, April 8, 2010
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The AFMM-14, drawing the presence of representatives of the World Bank, the International Monetary Fund, and the Asia Development Bank, is a chance for participants to share opinions about the world and regional economic prospect, analyze potential risks and put forth effective solutions for vigorous, sustainable and balanced economic development, said Mr. Hung.
He emphasized that the recent financial-economic crisis urges economies to tighten their supervision and take flexible measures to respond to external impacts.
He also suggested the participants to center their discussions on issues of common concern for ASEAN and G20, namely climate change and financial safety at national, regional and international levels./.