G-20 financial leaders hail VN’s contributions

11:59 AM @ Monday - 07 June, 2010
Finance ministers and central bank governors from the Group of 20advanced and major developing economies applauded contributions byVietnam, in its capacity as ASEAN representative, to the success oftheir meeting in the Republic of Korea (RoK) on June 4-5.

The meeting in the southeastern city of Busan laid thegroundwork for discussions at the G-20 leaders' summit scheduled to takeplace in Toronto, Canada , later this month.

Vietnam ’s Finance Minister Vu Van Ninh delivered a speech at themeeting, highlighting the Association of Southeast Asian Nations(ASEAN)’s role in global economic development and affirming the bloc’ssupport for issues of mutual concern of G-20.

Ninhsaid ASEAN member countries pledged to step up regional financialcooperation by fostering the implementation of initiatives that aredesigned to facilitate liberalisation of financial services, integrationof capital markets and improve accounting standards, as well as theAsian Bond Markets Initiative (ABMI) and the Chiang Mai InitiativeMultilateralisation (CMIM).

The minister spokehighly of G-20’s Framework for Strong, Sustainable and Balanced Growth,and urged the group to consider balance factors between developed anddeveloping nations, speed up reforms and cut protectionism to reduceimpacts on liberalisation of trade and financial services, and capitalflows.

Under the chairmanship of the host countryand Canada , the meeting looked into prospects for the global economyand implementation of G-20’s major policies and adopted a jointcommunique calling for greater efforts to reform global financialsystem.

On the sidelines of the meeting, Ninh metwith Dutch Minister of Economic Affairs Maria van de Hoeven to discussways to boost economic-financial relations between the two nations.

Ninh also held a meeting with the RoK’s Minister ofStrategy and Finance, Yoon Jeung-hyun, to prepare for ASEAN’scontributions to the cooperation process of G-20./.

(Source: http://en.vietnamplus.vn)
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