ASEAN (r)

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ASEAN says common market, currency possible     

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Updated 4:00 AM ET November 28, 1999 


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Zhu Rongji Waves in Manila (Reuters)  
MANILA, Nov 28 (Reuters) - The Association of South East Asian 
Nations (ASEAN) agreed at a summit in Manila on Sunday that a common 
market and a common currency were "distinct possibilities," a 
statement issued after the meeting said.
Philippine President Joseph Estrada had said earlier in the day that 
a common market and currency could be extended to include the three 
northern neighbours of ASEAN -- China, Japan and South Korea.

"The evolvement of a customs union, a common market and the 
establishment of a common currency have been noted as distinct 
possibilities in ASEAN, given the degree of economic integration it 
has realised," the statement said.

Government ministers were asked to work along these lines and report 
progress at the next summit in Singapore, it said.

Estrada said: "If we persevere and work harder, maybe the promise we 
fulfil will realise...an East Asian common market, one East Asian 
currency and one East Asian community -- a family from the happy 
union of the north and south.

"For let's face it, our future is intertwined with that of greater 
East Asia," he said.

The ASEAN meeting also endorsed a recommendation that tariffs on all 
goods except rice be eliminated in the first six member nations -- 
Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand -
- by 2010.

They should be eliminated by 2018 in the newer members, Cambodia, 
Laos, Myanmar and Vietnam, it said.

MEETING ALSO REACHES ACCORD ON ACEH, SPRATLYS

The ASEAN meeting, which preceded a summit between all 13 nations, 
also agreed that the territorial integrity of Indonesia needed to be 
preserved and expressed full faith in the efforts of President 
Abdurrahman Wahid toward a resolution of an insurrection in Aceh.

Separatist sentiment has flared in oil-rich Aceh, Indonesia's western-
most province, since East Timor voted in August for freedom from 
Jakarta's rule. Political analysts have said independence for Aceh 
could lead to the break-up of Indonesia and destabilise the entire 
region.

The statement also said ASEAN had agreed on the need for a code of 
conduct to govern territorial disputes in the South China Sea. China, 
Taiwan, Malaysia, the Philippines, Brunei and Vietnam claim all or 
part of the Spratly and Paracel islands in the sea and the 
overlapping claims are considered a regional flashpoint.

China has squelched talk that all claimants may adopt the code at 
this summit and says it needs to give the issue more consideration.

ASEAN also agreed on the need for more corporate and industrial 
governance reforms, transparency, joint investment promotion missions 
and social safety nets. 

  

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