VIETNAM DPM EXPECTS GLOBALLY COMPETITIVE ASEAN TRADE SYSTEM

DANANG, Apr 07, 2008 (AsiaPulse via COMTEX) -- -- Deputy Prime Minister Nguyen Sinh Hung said he believes that in the future, ASEAN will achieve its target of an equitable, open and globally competitive trade system and better integrate into the world economy.

Deputy PM Hung was addressing the 12th Association of Southeast Asian Nations (ASEAN) Finance Ministers Meeting, which opened in central Danang city on April 4.

The meeting is expected to discuss and finalise financial cooperation programmes in the region, as well as review and evaluate policies in the context of regional and international economic scenarios.

In his opening speech, Hung said in the past decade ASEAN has made rapid economic progress and has been seen to become a dynamic area.

He said despite the 1997 financial crisis and adverse impacts of natural disasters and epidemics, the group has overcome many difficulties and challenges to restore and develop its economy.

The Deputy PM also said he hoped the goal to turn ASEAN into the ASEAN Economic Community by 2015 would eventuate.

In the plan, as declared at the 13th ASEAN Summit in Singapore, ASEAN will become a large market and production base, a highly dynamic and competitive economic region, and a region of equitable economic development and one fully integrated into the global economy.

During the meeting, Deputy Foreign Minister Pham Binh Minh presented Vietnam's ASEAN Charter ratification document to the ASEAN Secretary General.

Vietnam is the fifth country to have approved the ASEAN Charter, along with Singapore, Brunei, Laos and Malaysia. The move brings the Charter one step closer to being enforced by 2009, building ASEAN into one of peace, stability, development and close connectivity.

Participants of the event include finance ministers from 10 ASEAN members, the ASEAN Secretary General, the President of the Asian Development Bank and the Managing Director of the World Bank.

(VNA)

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