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Ha Noi Plan of Action
- ISEAS–Yusof Ishak Institute
- Chapter
- Additional Information
534 By: ROS Size: 7.5" x 10.25" J/No: 03-14474 Fonts: New Baskerville Ha Noi Plan of Action Introduction The Second ASEAN Informal Summit, held in Kuala Lumpur on 15 December 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 realise this Vision. The Hanoi Plan of Action (HPA) is the first in a series of plans of action building up to the realisation 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. I. 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. 1.1 Maintain regional macroeconomic and financial stability. 1.1.1 Strengthen the ASEAN Surveillance Process; and 1.1.2 Structure orderly capital account liberalisation. 1.2 Strengthen financial systems. 1.2.1 Adopt and implement sound international financial practices and standards, where appropriate by 2003; 1.2.2 Coordinate supervision and efforts to strengthen financial systems; 1.2.3 Develop deep and liquid financial markets to enable governments and private firms to raise long-term financing in local currency, thereby reducing the over dependence on bank finance and limiting the risks of financial crisis; 1.2.4 Adopt and implement existing Reprinted from the ASEAN Secretariat website by permission of the ASEAN Secretariat. 110 AR Docu A5 22/9/03, 1:04 PM 534 535 By: ROS Size: 7.5" x 10.25" J/No: 03-14474 Fonts: New Baskerville standards of disclosure and dissemination of economic and financial information; and 1.2.5 Adopt prudential measures to mitigate the effects of sudden shifts in short-term capital flows. 1.3 Promote liberalisation of the financial services sector. 1.3.1 Intensify deregulation of the financial services sector; and 1.3.2 Intensify negotiations of financial sector liberalisation under the ASEAN Framework Agreement on Services (AFAS). 1.4 Intensify cooperation in money, tax and insurance matters. 1.4.1 Study the feasibility of establishing an ASEAN currency and exchange rate system; 1.4.2 Establish an ASEAN Tax Training Institute by 2003; 1.4.3 Enhance the role of “ASEAN Re Corporation Limited” as a vehicle to further promote regional cooperation in reinsurance business; and 1.4.4 Establish an ASEAN Insurance Training and Research Institute by 2003. 1.5 Develop ASEAN Capital Markets. 1.5.1 Adopt and implement internationally accepted practices and standards by the year 2003, and where appropriate at a later date especially for the new Member Countries; 1.5.2 Establish a set of minimum standards for listing rules, procedures and requirements by 2003; 1.5.3 Coordinate supervision of and programmes to strengthen capital markets; 1.5.4 Improve corporate governance, transparency and disclosure; 1.5.5 Develop a mechanism for cross-listing of SMEs among ASEAN capital markets by 2003, and where appropriate at a later date for the new Member Countries; 1.5.6 Facilitate cross-border capital flows and investments; 1.5.7 Facilitate clearing and settlement systems within ASEAN; 1.5.8 Promote securitisation in ASEAN; 1.5.9 Foster collaborative and cooperative networks among capital market research and training centres in Member States; 1.5.10 Prepare the framework to develop bond markets in ASEAN by 2000; and 1.5.11 Promote networking among development banks in Member States for financing of productive projects. II. 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...