Trade agreements are facilitative tools in financial integration, both regionally a
s well as bilaterally. Financial markets that are open to participation by foreign financial players allow for greater regional and bilateral flow of financial services. Such interplay of market forces assists the integration of financial markets. In addition to bilateral financial integration initiatives with key economic partners, MAS also participates in World Trade Organisation efforts as well as the financial services discussions under regional agreements including the ASEAN Framework Agreement on Services and the ASEAN-plus agreements with ASEAN's dialogue partners.
MAS continues to play an active role in developing the regional capital markets through our involvement in various regional forums. With our counterparts in the region, we have been working to better integrate regional capital markets including through greater harmonisation of standards by promoting ASEAN as an asset class and encouraging greater linkages between equity exchanges as well as between regional debt markets. Singapore will also host the 13th ASEAN Summit in November 2007 which serves as a platform for ASEAN nations to discuss regional issues, including ways to further financial cooperation.