ASEAN reaffirms commitment to growth amid global uncertainties

The statement was issued at the end of the 3^rd ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) in Manila, the Philippines.

The reaffirmation of the commitment was made in the context of global economic uncertainties and the rise of protectionism.

The participants pledged to continue pursuing ASEAN’s goals to achieve a highly integrated and cohesive economy that is competitive, innovative and dynamic through the region’s cooperative mechanisms.

The finance ministers and governors believed that it is vital to turn ASEAN into a resilient people-oriented and people-centered region and connected to the rest of the world amid the rise of protectionism and geopolitical developments that could derail the recovery of the global economy.

They also committed to enhancing financial cooperation among member countries to realize the ASEAN Economic Community by 2025, pursuing the creation of an interconnected, inclusive and resilient regional capital market, and ensuring the efficient development of the Green Bond initiatives.

Despite sustained expansion of the ASEAN economy at 4.6% in 2016, member countries need to consider domestic demand as a key driver to regional growth while structural reform, public spending and fiscal stimulus programs would help enhance investment inflows into the region. 

They also discussed on promoting the use of local currencies in intra-trade, investment and payment activities.

By Hai Minh