ASEAN targets sustainable economic growth, financial stability
Updated : Saturday, April 07, 2018 10:09 AM (GMT+0700)

Maintaining sustainable economic growth andensuring financial stability and self-resilience are key goals reached at the22nd ASEAN Finance Ministers’ Meeting (AFMM-22), the fourth ASEANFinance Minister and Central Bank Governors’ Meeting (AFMGM-4) and relatedmeetings held in Singapore from April 3-6.

Vietnamese Deputy Minister of Finance Tran Xuan Ha

Speaking at the AFMM-22, Vietnamese Deputy Minister of FinanceTran Xuan Ha described modern and effective infrastructure development as oneof the important pillars for Vietnam’s socio-economic development, which isalso a common concern of regional countries. Thereby, the regional nations needto build a common plan to devise proper financial solutions, he said.

The finance ministers lauded ASEAN’s progress in bankingintegration, insurance, capital market and wished that member states will signthe eighth Package of Commitments later this year. 

The meeting took note of efforts to develop the regional capitalmarket by strengthening capacity and carrying out initiatives such as amendingthe ASEAN Collective Investment Scheme, issuing ASEAN Green Bond standards,piloting the connectivity of securities markets, opening a portal on listedcompanies in ASEAN and rotating capital market experts among regionalcountries. 

The ministers welcomed achievements in harmonising the portfolioof exports-imports of 10 ASEAN member states, piloting the ASEAN CustomsTransit System in Cambodia, Laos, Myanmar, Thailand, Vietnam, and exchangingcertificates of origin, form D among Vietnam, India, Malaysia, Singapore and Thailandfrom January 1, 2018. 

They wished that countries will soon approve the second Protocolon the designation of border gates and the seventh Protocol on ASEAN CustomsTransit System to create a legal framework for facilitating transit goods, andrefine a mechanism to deal with tax disputes. 

Participants supported rallying private capital for ASEANinfrastructure upgrade and wished to partner with the Asian Development Bank(ADB), the Asian Infrastructure Investment Bank (AIIB) and the World Bank (WB)during the project preparatory and management stage. 

They also expressed support to strengthen supervision capacityand activities of the ASEAN 3 Macroeconomic Research Office, as well asinitiatives such as ASEAN Disaster Risk Financing and Insurance Programme andstressed the importance of ensuring cyber security in finance. 

The ASEAN Finance Ministers and Central Bank Governors advocatedtaking creative and effective financial technological solutions and lauded theoutcomes of financial inclusion in ASEAN by opening a portal on financialeducation and exchange of knowledge about ASEAN financial inclusion and issuingguidelines on national financial inclusion strategies. 

In the banking industry, the governors applauded working groupsfor completing the key performance indicator and risk management tool,believing that countries will fulfill goals set in the ASEAN Strategic ActionPlan for financial sustainability and inclusion. 

They discussed emerging issues such as financial technology andpledged to work closely together to seek effective solutions to cyber attacksamidst the fourth industrial revolution. 

The annual meetings also saw the presence of representativesfrom the IMF, WB, ADB, financial and banking organisations in the region.

Source: VNA

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