A two-day gathering of all the ASEAN finance ministers took place in the very beautiful island in Indonesia, Bali. Capital inflows, taxation, food security and the ASEAN Economic Community, are just four of the issues discussed.

It is the aim of the member countries to join together the regions’ markets by 2015.

The economic community has four main targets, first is to set up a single market and production partnership. Next is to build a competitive economic region. Third, support equitable economic development. Lastly, promote full integration into the global economy.

It was in 1992 that the very first ASEAN free trade agreement was signed. Last year, ASEAN member countries namely, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand lifted the import and export taxes by 99% on trade between their countries.

The 15th assembly and retreat of all ASEAN finance ministers will be attended by all 10 ASEAN member countries.

Among all the ASEAN member countries, only Indonesia is member of the G20 and also considered as the largest economy in Southeast Asia.

Jakarta will actually play as the host of the two day yearly ASEAN Summit of leaders next month and Indonesia is ASEAN’s rotating chair for this year.