HANOI, Vietnam (AP) -- Southeast Asian leaders signed agreements Wednesday to liberalize their economies in an effort to encourage a return by investors who have been scared away by the region's worst economic crisis in a half-century.
The pacts include plans to speed up implementation of a free trade area and provide incentives for investors over the next two years.But it was unclear how much impact they would have. Reports on the plans by the nine-nation Association of Southeast Asian Nations have failed to generate much enthusiasm in world markets.
The Sultan of Brunei, Hassanal Bolkiah, who will serve as host at next year's ASEAN summit, said in a speech that "despite the differences in the region, the ASEAN spirit is well and alive."
When it was all over, the leaders came to the front of the stage and clasped hands together in a show of unity.
The ceremony wrapped up a two-day summit, although ASEAN leaders were to meet later in the day with Japanese Prime Minister Keizo Obuchi, South Korean President Kim Dae-jung and Chinese Vice President Hu Jintao.
Obuchi was expected to present details of $5.1 billion in new low-interest loans he announced earlier in the day to help troubled Asian countries rebuild their devastated economies.
A joint ASEAN declaration added a number of points from a pre-summit draft, including a commitment to "accelerating economic and financial reforms" and saying the "international community also has a responsibility to support our reform efforts through bilateral and multilateral assistance."
It also encouraged increased use of ASEAN currencies on trade within the region and said an early warning surveillance mechanism has been put in place to encourage early action to avoid emerging risks.
In speeches that opened the summit Tuesday, some leaders urged more open markets to woo foreign investment and others defended the practice of shielding their economies.
Malaysia and Vietnam were at one end of the spectrum, warning of the dangers of globalization, while Singapore, Thailand and the Philippines said it was inevitable and should be embraced.