BANGKOK. Mar 2: ASEAN finance ministers promised greater economic integration and closer cooperation of their monetary and fiscal policy management at their one day meeting Saturday in Phuket, southern Thailand, according to a report reaching here today, reports Xinhua.

The meeting is expected to provide preparations for the ASEAN Free Trade Area (AFTA) which will take effect in 2003.

The results of the discussions will be submitted to an ASEAN leaders conference that will be held in Kuala Lumpur at the end of this year.

The minister reaffirmed commitment to further liberalisation of financial service sectors as part of the deregulation and liberalisation process.

ASEAN Finance Minister agreed to meet on an annual basis and also to provided a framework to increase cooperation in finance. Areas, including banking sector, capital market, customs and insurance matters, taxation and human resource development.

The finance ministers signed the ministerial understanding on ASEAN cooperation during the meeting.

Thai Finance Minister Am-nuay Iravan was quoted as saying that the ministers agreed that regular consultation will create better understanding of each countrys" economic management. The ministers hoped to broaden and deepen their cooperation in banking among the region.