ASEAN finance ministers agree to cooperate more

PHNOM PENH, March 31 (TNA) - Finance ministers of the Association of Southeast Asian Nations (ASEAN) have agreed to cooperate more closely amid global economic volatility this year with an aim to further develop the grouping economy on a sustainable and equality basis for a better future. Their agreement was made following a two-day 16th ASEAN Finance Ministers’ Meeting, ended Friday in the Cambodian capital of Phnom Penh. The meeting was chaired by Cambodian Deputy Prime Minister and Finance Minister Keat Chhon. Although confident that economies among ASEAN members would remain strong this year due to continued demands within countries in the grouping, ASEAN finance ministers agreed during the meeting that close monitoring has to be made following sluggish economy in Europe, a sharp volatility in capital funds and rising world oil prices. The ASEAN finance ministers believed that economy of the grouping would become more vital to world economy and that ASEAN has to cooperate more closely in an attempt to further develop economy in the region on a sustainable and equality basis. Other agreements that were reached during the meeting were for international monetary agencies such as the World Bank, International Monetary Fund and the Asian Development Bank to continue supporting development projects in ASEAN. Deputy Prime Minister and Finance Minister Kittirat Na-Ranong signed an agreement of the ASEAN Infrastructure Fund (AIF) which would allow Thailand to co-invest in the AIF at the total amount of 15 million U.S. Dollars which would be spent on basic infrastructure projects as well as supporting ASEAN connectivity. Kittirat also signed the ASEAN Agreement on Customs which is designed for boosting efficiency of customs procedures and facilitate goods transfer process as the grouping is moving toward the ASEAN Economic Community in 2015. ASEAN finance ministers also discussed their stance during their meeting with their counterparts from China, Japan and South Korea on May 3 in Manila which would focus on Chiang Mai Initiative Multilateralisation, aimed at boosting investor confidence in doing businesses in ASEAN. The next ASEAN Finance Ministers’ Meeting will be held in Brunei in early April 2013. (TNA)