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Finance ministers from 10 Asian and 15 European nations met in Bali Saturday for a revitalized, practical partnership between the two regions to create a better climate for growth, trade, and regulation of the financial sector.
Opened by Indonesian Coordinating Minister for Economic Affairs Dorodjatun Kuntjoro Jakti, the 5th ASEM (Asia-Europe Meeting) finance ministers' meeting will raise specific issues of combating the financing of terrorism and money laundering, as well as ways to develop the Asian bond market.
"In some part of Asia, the dominant financing tools are still the short-term bank loans and the bond market remains under-developed. This circumstance makes the region vulnerable," Dorodjatun said.
He added the meeting is expected to pass the Bali Initiative of partnership to improve human resources of the financial sector. The Bali Initiative will propose cooperation on best practices and skill development through an expanded permanent program of staff exchanges, scholarship and shared experience.
The two-day conference is being attended by 177 delegates from Europe and Asia and representatives of four major financial institutions -- the International Monetary Fund, the World Bank, the Asia Development Bank and the European Central Bank.
(Xinhua News Agency July 5, 2003)
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