Excerpts of Hanoi Plan of Action

Excerpts of Hanoi Plan of Action

HANOI (AFP): Excerpts of the Hanoi Plan of Action approved by
the nine leaders of the Association of Southeast Asian Nations
(ASEAN) here Wednesday:

The Second ASEAN Informal Summit, held in Kuala Lumpur on Dec.
15, 1997, adopted the ASEAN Vision 2020 which sets out a broad
vision for ASEAN in the year 2020: an ASEAN as a concert of
Southeast Asian Nations, outward-looking, living in peace,
stability and prosperity, bonded together in partnership in
dynamic development and in a community of caring societies.

In order to implement the long-term vision, action plans are
being drawn up to realize this Vision. The Hanoi Plan of Action
(HPA) is the first in a series of plans of action-building up to
the realization of the goals of the Vision.

The HPA has a six-year timeframe covering the period from 1999
to 2004. The progress of its implementation shall be reviewed
every three years to coincide with the ASEAN summit meetings.

In recognition of the need to address the current economic
situation in the region, ASEAN shall implement initiatives to
hasten economic recovery and address the social impact of the
global economic and financial crisis. These measures reaffirm
ASEAN commitments to closer regional integration and are directed
at consolidating and strengthening the economic fundamentals of
the member countries.

1. Strengthen macroeconomic and financial cooperation.
To restore confidence, regenerate economic growth and promote
regional financial stability through maintaining sound
macroeconomic and financial policies as well as strengthening
financial system and capital markets enhanced by closer
consultations, so as to avoid future disturbances.

* strengthen the ASEAN Surveillance Process.

* structure orderly capital account liberalization.

* develop deep and liquid financial markets to enable
governments and private firms to raise long-term financing in
local currency, thereby reducing the overdependence on bank
finance and limiting the risks of financial crisis.

* adopt and implement existing standards of disclosure and
dissemination of economic and financial information.

* adopt prudential measures to mitigate the effects of sudden
shifts in short-term capital flows.

* intensify deregulation of the financial services sector.

* study the feasibility of establishing an ASEAN currency and
exchange rate system.

* establish an ASEAN Tax Training Institute by 2003.

* establish an ASEAN Insurance Training and Research
Institute by 2003.

* establish a set of minimum standards for listing rules,
procedures and requirements by 2003.

* develop a mechanism for cross-listing of small- and medium-
sized enterprises among ASEAN capital markets by 2003, and where
appropriate at a later date for new member countries.

* facilitate cross-border capital flows and investments.

* facilitate clearing and settlement systems within ASEAN.

* prepare the framework to develop bond markets in ASEAN by
2000.

2. Enhance greater economic integration.

To create a stable, prosperous and highly competitive ASEAN
Economic Region in which there is a free flow of goods, services
and investments, a freer flow of capital, equitable economic
development and reduced poverty and socio-economic disparities.

* accelerate the implementation of the ASEAN Free Trade Area
in terms of trade liberalization, customs harmonization,
standards and conformity assessment.

* implement the framework agreement on ASEAN Investment Area.

* liberalize trade in services.

* enhance food security and global competitiveness of ASEAN's
food, agriculture and forestry products.

* intensify industrial cooperation.

* further intellectual property cooperation by setting up an
ASEAN regional trademark and patent filing system, and an ASEAN
regional fund for trademark and patent by 2000.

* encourage electronic commerce.

* promote ASEAN tourism by launching Visit ASEAN Millennium
Year.

* develop regional infrastructure on transport,
telecommunications, energy and water utility. This includes
developing the trans-ASEAN transportation network by 2000,
develop a maritime and shipping policy for ASEAN, institute the
policy framework and modalities by 2000 for the development of a
competitive air services policy which may be a gradual step
towards an Open Sky policy in ASEAN.

3. Promote science and technology development and develop
information technology infrastructure by establishing the ASEAN
Information Infrastructure.

4. Promote social development and address the social impact of
the financial and economic crisis, with ASEAN plans of action on
rural development and poverty eradication, social safety nets and
children.

5. Promote human resource development.

6. Protect the environment and promote sustainable
development, by implementing the ASEAN Cooperative Plan on
Transboundary Pollution with particular emphasis on the Regional
Haze Action Plan by 2001, an ASEAN regional water conservation
program by 2001 and to formulate and adopt an ASEAN Protocol on
access to genetic resources by 2004.

7. Strengthen regional peace and security, with continued
efforts to promote confidence-building measures and establish a
regional code of conduct in the South China Sea, intensify intra-
ASEAN security cooperation.

8. Enhance ASEAN's role as an effective force for peace,
justice and moderation in the Asia-Pacific and in the world. This
includes formulating initiatives to advance, on a consensus basis
and at a pace comfortable to all, the ASEAN Regional Forum
process from its current emphasis on confidence-building to
promoting preventive diplomacy.

9. Promote ASEAN awareness and its standing in the
international community, with plans for an ASEAN satellite
channel and ASEAN Declaration on Cultural Heritage by 2000, and
ASEAN Multimedia Center by 2001.

10. Improve ASEAN's structures and mechanisms.