1. Name of the Cooperation Area: Financial Cooperation
2. Prime/ Co-Prime Mover Countries: Thailand
3. Date of first activity organized: 12 May 2003,
1st ACD Working Group on Financial Cooperation
4. Progress since ACD 5 (May 2006):
The 5th ACD Ministerial Meeting acknowledged the need for Asia to make productive use of its substantial savings, including the possibility of re-investing revenues that accrue from the energy trade in the ACD countries through the development of Asian bond market in order to ensure the overall sustainable growth and development of the region.
Having taken note on the successful outcomes of the High-Level Seminar on “Enhancing Financial Cooperation Through Development of an Asian Bond Market”, held between 24-25 March 2006 in Bangkok, the Meeting supported Thailand’s proposal to hold the 1st Finance Ministers’ Meeting in July 2006 to further develop the Asian bond initiative in the ACD context. However, given the political change that took place in Thailand last year, the said event was postponed until further notice.
The Consultative Meeting of the Energy Co-Prime Movers, held in Bali between 11-12 April 2007, agreed that the issue concerning re-investment of revenues accrue from energy trade should be further explored at the 2nd ACD Energy Forum, to be held later in September 2007 in Pakistan.
5. Future activities: 1st ACD Finance Minister Meeting (To be confirmed)
6. Issue(s) requiring Ministers’ decision or endorsement:
Reaffirm their commitment to promote stable and efficient financial markets in Asia through the Asian bond initiative by maintaining full political support to further the development of Asian bond market among ACD members in terms of market demand, supply and infrastructure while taking into account the need to add value on works being undertaken by relevant fora.
Support the initiative proposed by the Consultative Meeting of the Energy Co-Prime Movers to further explore the possibilities of re-investing revenues accrue from energy trade in Asia at the 2nd ACD Energy Forum to be held in September 2007 in Pakistan.
7. Contact person (name/position/ organization):
Bureau of International and Macroeconomic Policy, Fiscal Policy Office,
Ministry of Finance,
Rama XI Road,
Bangkok 10400, Thailand
Tel. (66) 0 2273 9020 ext. 3417
Fax. (66) 0 2273 9059