Business Services Industry
Association of Southeast Asian Nations Revives Finance-Sector Liberalisation.
Knight Ridder/Tribune Business News, August, 2003
By Wichit Chantanusornsiri, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Aug. 5--Asean members plan to restart work on financial sector liberalisation, a process that has been stalled since the 1997 economic crisis.
Somchai Sujjapongse, deputy spokesman for the Finance Ministry, said that once basic principles of a liberalisation plan were complete, work would focus on the readiness of individual countries to open up their financial markets.
He said that initially, liberalisation would focus on banking, life and non-life insurance and capital markets.
Asean currently has set a target to allow full capital mobility across the region by 2020.
Discussions on current obstacles to allowing free capital flows...
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