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SINGAPORE : ASEAN Foreign Ministers have agreed that there's no need for a new special fund.
In a statement, Singapore's Foreign Affairs Ministry (MFA) said the idea of a cohesion fund for ASEAN is a personal view that's new.
The fund was suggested by Dr Surin Pitsuwan, who has been nominated for the post of ASEAN's next Secretary-General.
He mooted the idea at a seminar in Singapore on July 31 and said it's one way to strengthen ASEAN.
But MFA said the ASEAN Foreign Ministers meeting in Manila has already discussed this and decided that it's not necessary to start another fund.
There are already existing mechanisms within ASEAN to help bridge the development gap.
The statement added that key initiatives include the "Initiative for ASEAN Integration" (IAI) and the "ASEAN Development Fund".
The IAI funds projects in technical capacity building, infrastructure development and promotion of regional economic integration.
The MFA added that ASEAN members should continue to build upon these existing mechanisms. - CNA /ls
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