Association of South-East Asian Nation - ASEAN was established in 1967, aims to accelerate economic growth, social progress and cultural development in the region and to promote regional peace and stability. Myanmar has joined and full fledged member of ASEAN in July, 1997. ASEAN comprises with ten member countries, Myanmar, Brunei Darussalam, Combodia, Indonesia, Laos, Malaysia, Philipines, Singapore, Thailand and Vietnam.Myanmar has singed on ASEAN Framework Agreement on Services -AFAS at the day of joined to ASEAN. The objectives of the Framework Agreement are:
|(a)||to enhance cooperation in services amongst Member States|
|(b)||to eliminate substantially restrictions to trade in services amongst Member States; and|
|(c)||to liberalize trade in services|
The ASEAN Framework Agreement on Services - AFAS is implementing under the ASEAN Economic Ministers (AEM) process.
The 9th ASEAN Summit at the Bali in October 2003, ASEAN Leaders agreed to establish the ASEAN Econmic Community - AEC in 2020. At the 12th ASEAN Summit at Philipine in January 2007, the Leaders affirmed their strong commitment to accelerate the establishment of AEC by 2015 as envisioned in the ASEAN Vision 2020.
In this regard, the Ministry of Finance and Revenue and the Central Bank of Myanmar have been continuously participating in the ASEAN and ASEAN+3 financial processes and has attended the ASEAN meetings which are usually held alphabetically in respective member countries. The Central Bank of Myanmar has also been participating in the ASEAN Central Bank Governors’ Meeting, the ASEAN Central Bank Deputy Governors’ Meeting and other Working Group Meetings such as Financial Services Liberalization (FSL), Capital Account Liberalization (CAL), Capital Market Development (CMD), ASEAN Infrastructure Fund (AIF), ASEAN Payment and Settlement Systems (PSS), Chiang Mai Initiatives Multilateralization (CMIM), Asian Bond Market Initiative (ABMI) and Credit Guarantee and Investment Facility (CGIF) Meetings. Furthermore, the Central Bank of Myanmar has been cooperate and collaborating with the Ministry of Finance and Revenue regarding meetings such as ASEAN Finance Ministers’ Meeting (AFMM), ASEAN Finance and Central Bank Deputies’ Meeting (AFDM), ASEAN+3 Finance Ministers’ Meeting (AFMM+3), ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFDM+3) and Special ASEAN Finance Ministers’ Meeting (Special AFMM). Myanmar was hosted the 6th ASEAN Finance Ministers’ Meeting at Yangon in 2002.