Asean ministers to increase financial cooperation
VIENTIANE - Protocol to implement the seventh package of commitments on financial services will be among the top documents at the upcoming Asean Finance Ministers and Central Governors' Meeting (AFMGM) to be held in Vientiane from April 3 to 4.
Lao Minister of Finance Dr Lien Thikeo revealed the agenda of the 20th Asean Finance Ministers Meeting (AFMM) and 2nd AFMGM to media representatives on Tuesday (March 29).
He said the document, which included insurance and banking, will be signed in May in Frankfurt, Germany.
The Strategy Action Plan on Asean Monetary and Financial Integration Framework 2016-2025 will be adopted at the meeting, saying the document will be one of several documents to be adopted by Asean leaders at the Asean Summit, which will take place in September.
The meetings will also adopt the framework of the Asean Insurance Working Group and the framework of the Asean Working Group on financial access.
At both the AFMM and AFMGM, Asean ministers and bank governors from Asean countries will discuss with representatives from international finance institutions on the situation of the world economy, the economy in the region, and also challenges to economic growth.
They will examine financial cooperation in Asean, which includes the Asean Infrastructure Fund, insurance cooperation, cooperation in customs, taxation and anti-money laundering and combating the financing of terrorism, capital market development, capital account liberation, financial services, and payment and settlement systems within Asean.
Dr Lien said the outcome of the meetings would contribute to the development and integration of the Asean finance and monetary sectors, which would facilitate production, trade and investment in the single market of Asean, which conformed to the theme - “Turning Vision into Reality for a Dynamic Asean Community.”
At the 19th AFMM and the 1rst AFMGM held in Kuala Lumpur, Malaysia last year, international institutions such as the International Monetary Fund, World Bank, Asian Development Bank, and Asean+3 Macroeconomic Research Office gave a positive outlook on global and regional economic development last year, but viewed that Asean had to keep its eye on the potential risks and challenges which could jeopardise Asean resiliency.
These included oil price development and its effect on fiscal and capital sides, alterations in the economic compositions of Asean countries, China’s transformation, and the rising trend of company debts in foreign currency.
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