The ASEAN Vision Statement is "to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free-flow of goods, services and investments, a freer flow of capital, equitable economic development and reduced poverty and socio-economic disparities" by 2020. The ASEAN economies have for more than a decade now experienced growth that is above the global average. While this growth momentum was interrupted during the Asian currency crisis in 1997 and 1998, the ASEAN economies demonstrated their resilience to resume its strong growth within a short period of a year for many of the affected countries. Opportunities are fast emerging in our region reinforced by the more intensified regional integration that is taking place. In ASEAN, efforts are already being accelerated in the implementation of trade and investment action plans under the ASEAN Free Trade Area (or AFTA, for trade in goods), the ASEAN Framework Agreement on Services (or AFAS, for trade in services) and the ASEAN Investment Area (or AIA, for investment liberalisation). The initiatives to enhance trade and investment flows to ASEAN have also been accompanied by efforts to strengthen monetary and financial stability. The ASEAN countries have also reinforced efforts in regional financial co-operation, including in the surveillance processes. These has brought together policy makers from the ASEAN ministries of finance and central banks to constantly engage in discussions on regional and global economic developments which have implications on the ASEAN region.
This has taken place in a global environment in which the world economies and financial systems are increasingly becoming more integrated. As a result, it can be expected that there is increased interdependence, events that take place in one part of the world will have implications on other parts of the world. This is likely to be more pronounced in the ASEAN economies and financial systems, given their openness and their high degree of integration with the global economy and international financial system. As the ASEAN and the EU continues to evolve as strategic partners, new opportunities can also be realized. An enhanced relationship will also contribute towards more effective management of the new challenges in the ever-changing global environment. Indeed, this Conference takes place at an important time when it becomes even more constructive and meaningful for our two regions to strengthen our associations, our inter-linkages and our relationships. Learning from the experiences of the EU Ladies and Gentlemen, The unification of Europe on many fronts is a major structural enhancement to the global economic and financial landscape. It is very likely however, that in view of our diversity and different structures and stages of development, the route for the integration process will be significantly different. It can be stated with certainty however, that integration will nevertheless occur. Indeed, the process has already commenced and it is likely to gain momentum as we advance forward. The motivation being the greater stability it brings and the increased growth potential it generates.