ASEAN leaders urge trade, finance liberalization<\/p>\n
HANOI (Dow Jones): Southeast Asian leaders will call for
\nincreased liberalization of trade and services and faster
\nimplementation of a regional tariff agreement at a summit of
\nleaders in Hanoi next week, according to a preliminary draft of a
\njoint declaration.<\/p>\n
A draft of the so-called Hanoi Declaration of the Association
\nof Southeast Asian Nations, obtained by Dow Jones Newswires on
\nMonday, also calls for better monitoring of economies in the
\nregion, orderly capital account liberalization and stepped up
\nderegulation of the financial sector.<\/p>\n
It suggests that a framework be developed for an ASEAN bond
\nmarket by 2010, and selected companies be cross-listed on Asean
\nstock markets by 2003.<\/p>\n
The draft will provide the basis for discussions at the
\nsummit, and could be changed. The meetings begin this week with
\ntalks among senior officials, and continue with a weekend meeting
\nof economic ministers and a summit of leaders from Asean's nine
\nmembers Dec. 15-16.<\/p>\n
ASEAN includes Indonesia, Malaysia, Thailand, the Philippines,
\nSingapore, Brunei, Vietnam, Myanmar and Laos. Leaders from Japan,
\nChina and South Korea will also participate in the summit.<\/p>\n
Despite the regional economic crisis, the 20-page document
\nreiterates the importance of moving toward the ASEAN Free Trade
\nArea early in the next century. Some economists have predicted
\nthat the regional slowdown would hurt trade liberalization by
\nmaking it more painful for countries to cut their tariffs.<\/p>\n
The draft urges steps to accelerate the implementation of the
\nAFTA accord by \"maximizing\" the number of tariffs lines that will
\nbe cut to zero to 5 percent by 2000, and expanding the number of
\nproducts covered by the agreement. The draft doesn't provide
\nspecific targets, however.<\/p>\n
It also calls for talks on trade liberalization to be held
\nfrom 1999 to 2001 to include \"all services sectors and modes of
\nsupply,\" not just sectors that had been identified as priorities.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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