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Despite
the size, growth, and potential of
their economies, India, Australia and
New Zealand will not be part of an
Asian Currency Unit (ACU) being
created by for ASEAN countries but
will include China, Japan, and South
Korea. The idea of ACU along the lines
of the Euro is being developed by the
Asian Development Bank (ADB) and is
far from reality but the lack of
involvement of India at early stages
will mean that its concerns will not
be included in the formulation. ADB
says that India, Australia, and New
Zealand will "eventually" be
part of this system in an ASEAN + 3 +
3 order.
The ASEAN countries include
Brunei, Kampuchea, Indonesia, Laos,
Malaysia, Myanmar, Philippines,
Singapore, Thailand, and Vietnam. The
currency and trade bloc would develop
a single market that would facilitate
a common weighted index of East Asian
currencies. While the Ministry of
Finance has not given a formal request
to the ADB, Singapore has already
strongly voiced its support for India
being part of the bloc.
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