Solidarity, ASEAN cooperation in economic recovery

Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd. Amin Liew bin Abdullah attended the 6th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting – AFMGM and Related Meetings via video conference on Friday, October 2.

Also present at the meeting was the Managing Director of the Autoriti Monetari Brunei Darussalam (AMBD), Dayang Hajah Rokiah binti Haji Badar.

The series of Ministerial Meetings began with a joint dialogue between Ministers, Central Bank Governors, ASEAN Business Advisory Council, EU-ASEAN Business Council and US-ASEAN Business Council to discuss opportunities for public and private sector collaboration in areas of Advancing Sustainable Finance in ASEAN; Digital Transformation in Financial Services for the Fourth Industrial Revolution; and ASEAN Financial Inclusion Solution.

 

During the plenary session, AFMGM praised the progress in ASEAN’s regional financial cooperation under Viet Nam’s 2020 ASEAN chairmanship which is themed Cohesive and Responsive ASEAN.

 

In particular, AFMGM welcomes developments in the areas of financial integration and liberalisation; trade and investment facilitation; financial, payment and service connectivity; and financing-related matters.

 

They also recognised that extraordinary measures have been undertaken in mitigating the COVID-19 impacts and towards supporting economic recovery, and thereafter, reaffirmed that solidarity and cooperation are key for ASEAN to overcome the pandemic and restore regional economic growth.

 

The Minister in his speech emphasised the importance of macroeconomic stimulus in boosting economic activities, increasing employment, keeping companies afloat as well as revitalising trade and investment towards economic recovery post COVID-19.

 

The minister also explained the importance of ASEAN financial integration efforts to ensure conducive business ecosystem to facilitate trade, including digital trade, attract FDI and private capital as well as strengthen ties between ASEAN member states and beyond.

 

AFMGM also exchanged views with the International Monetary Fund, the ASEAN + 3 Macroeconomic Research Office and the Asian Development Bank about the prospects of regional and global economy, Economic Outlook and on risks, opportunities and policy challenges arising following the COVID-19 pandemic, particularly in fostering sustainable and inclusive growth in the region.

 

The Joint Statement of the 6th ASEAN Finance Minister’ and Central Bank Governors’ Meeting adopted by Finance Ministers and Central Bank Governors, is available for download via the ASEAN Secretariat website.

Suraya binti Haji Jaidin, Permanent Secretary (Performance and Corporate) of MOFE, Hajah Noorrafidah binti Sulaiman, Deputy Managing Director (Monetary Operations/Development and International) of AMBD, officials from Division of International Affairs of MOFE and AMBD, were also in attendance at the Meeting.

 

Source: The Government Public Relations Department