The meeting was held to discuss the completion of the 2026–2030 ASEAN Economic Community Strategic Plan.
The quick-win initiative will be a joint commitment to address the most pressing issues in the region.
"We must prioritize strengthening the LCT implementation by expanding its scope to all ASEAN member countries and major trading partners," an official from the Coordinating Ministry for Economic Affairs, Netty Muharni, said in a statement released here on Thursday.
She explained that expanding LCT agreements with key partner economies such as China, Japan, and South Korea would further enhance the resilience of ASEAN.
LCT expansion is one of the initiatives to strengthen financial connectivity in the region, she said.
Meanwhile, the 2026–2030 ASEAN Economic Community Strategic Plan will be adopted in 2025 to support the goal of the ASEAN Vision 2045, which is to make ASEAN a resilient, innovative, dynamic, and people-centered region.
The plan has three main parts: strategic goals, objectives, and strategic measures.
New issues such as the digital economy, labor, green economy, intellectual property rights, and inclusivity have changed economic cooperation standards.
Therefore, ASEAN is expected to proactively incorporate them into trade agreement discussions.
Muharni said that more ASEAN countries, including Indonesia, have adopted higher standards in trade agreements and other international cooperation. This includes Indonesia's ongoing accession to the Organisation for Economic Co-operation and Development (OECD).
She said that Indonesia will host the 9th ASEAN-OECD Good Regulatory Practice Network (GRPN) in Jakarta on November 28, 2024, to share knowledge on the implementation of good regulatory practices in ASEAN.
Indonesia will invite Laos and Malaysia, as fellow GRP pilot countries, and other ASEAN member countries.
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Translator: Bayu S, Kenzu
Editor: Aditya Eko Sigit Wicaksono
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