ASEAN countries have to continue to update their policies for confronting this dynamic situation, she said during the opening of the 1st ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) 2023 here on Friday.
She said she expects that ASEAN will not be satisfied with the regional economic growth, which is expected to be high this year.
ASEAN is also expected to actively protect and support the current situation to allow countries in the region to do their best to conduct economic reforms and ensure sustainability.
ASEAN consists of Indonesia, Malaysia, Singapore, the Philippines, Thailand, Brunei Darussalam, Cambodia, Laos, Myanmar, and Vietnam.
Under the ASEAN financial sectoral agency and central bank, there are six initiatives, which are reflected by the six work committees.
These comprise financial service liberalization, capital account liberalization, capital market development, financial inclusion, ASEAN banking integration framework and payment and resolution system.
The minister highlighted that several of these initiatives have been around for a long time, even as far back as 1999. However, there are several initiatives that are relatively new, such as those introduced in 2015.
These initiatives have become important tools for contributing to the economic security of the region and each country, she said.
Thus, the minister said, it has become the responsibility of ASEAN finance ministers and central bank governors to use the AFMGM, as the highest decision-making forum under the sectoral agency, to collaborate and create real advancement.
ASEAN countries must manage all of these initiatives strategically to continue to provide optimal benefits for everyone, she said.
During the meeting, the minister also highlighted that ASEAN has consistently contributed 3 percent to the global real gross domestic product (GDP) through the years.
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Translator: Agatha O V, Fadhli Ruhman
Editor: Tia Mutiasari
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