Indonesia urges Asean countries to speed up integration

Indonesian President Susilo Bambang Yudhoyono on Friday called on Asean countries to speed up economic integration.

Yudhoyono, addressing a meeting of finance ministers from the Association Southeast Asian Nations (Asean) in Bali, said member countries must take steps to liberalize financial services, develop capital markets and manage capital flows, according to the Antara news agency.

The president also urged the ministers to work together to formulate customs policy to implement the so-called Asean Single Window, a project allowing member countries to exchange import and export data online.

"Another challenge is how to formulate taxation policy that can remove barriers to integration and guarantee regional dialogue which will result in real action," he was quoted as saying.

The 10-member grouping plans to create the Asean Economic Community, with some but not all of the features of the European Union by 2015.