ASEAN Finance Ministers Meet in Bali, Indonesia

ASEAN finance ministers gathered for a two-day meeting in Indonesia’s resort island of Bali on Thursday. They’ll discuss issues such as capital inflows, taxation, food security and the ASEAN Economic Community.

The member countries aim to integrate the region’s markets by 2015.

The economic community’s blueprint has four major targets—to establish a single market and production partnership, to create a competitive economic region, promote equitable economic development, and encourage full integration into the global economy.

The first ASEAN free trade agreement was signed in 1992. In 2010, ASEAN members Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand lifted 99 percent of import and export taxes on trade between their countries.

Finance ministers of all ten ASEAN member countries are attending this 15th meeting and retreat.

Among the ASEAN states, Indonesia is the only member of the G20 and is the largest economy in Southeast Asia.

Indonesia is ASEAN’s rotating chair for 2011, and Jakarta will host the two-day annual ASEAN Summit of leaders in May.

Foto: NTD