ASEAN Finance Ministers, Central Bank Governors To Hold In-depth Discussions On Regional Financial Integration

By Karina Imran

 KUALA LUMPUR, April 9 (Bernama) -- ASEAN Finance Ministers today got down to the hard work of putting in place the necessary pre-requisites and initiatives to deepen financial integration more urgently in the light of debilitating tariffs on all member states.

As the 12th ASEAN Finance Ministers and Central Bank Governors' Meeting (AFMGM) gets underway at the Kuala Lumpur Convention Centre (KLCC) here, it is incumbent upon ministers to reach a consensus on vital issues such as payments system and simplify Environmental, Social and Governance (ESG) frameworks for small businesses.

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Key regional financial issues have taken on added significance and urgency for the 10 member states as ASEAN grapples with the  fallout of crippling tariffs by US President Donald Trump which has roiled global markets and regional bourses.

Finance Minister II Datuk Seri Amir Hamzah Azizan and Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour are set to co-chair three important meetings with major business councils, including the United States (US) ASEAN Business Council (US ABC), European Union (EU) ASEAN Business Council (EU ABC), and ASEAN Business Advisory Council (ABAC). 

These meetings with the private sector bodies focusing on financial issues are pertinent to make Southeast Asia more attractive for trade and investment and dealing with the possible adverse effects of the less-than-a-week old tariff announcement especially on regional economic growth.

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It is hard to ignore Trump's tariff measures at the AFMGM as ASEAN's Indo-Chinese countries were among the hardest hit by retaliatory tariffs.

Cambodia was the hardest hit when it was slapped with an import levy of 49 per cent, Vietnam 46 per cent, Thailand 36 per cent, Indonesia 32 per cent, Malaysia and Brunei 24 per cent each, and Singapore a baseline tariff of 10 per cent.

In addition to these discussions, Amir Hamzah will lead the ASEAN Finance Ministers’ Retreat at Merdeka 118,  the tallest building in Southeast Asia and the second tallest in the world.

Later in the day, the Finance Minister II will hold bilateral meetings with JP Morgan Asia Pacific chief executive officer Sjoerd Leenart and Asian Development Bank (ADB) president Masati Kanda, before attending a gala dinner.

Prime Minister Datuk Seri Anwar Ibrahim will deliver the welcoming remarks at the gala dinner, which will take place at the iconic KL Tower.

Among those expected to attend the gala dinner are Brunei’s Minister at the Prime Minister's Office and Minister of Finance and Economy II, Dato Dr Amin Liew Abdullah; Singapore’s Minister of Transport and Second Minister of Finance, Chee Hong Tat; and Vietnam’s Minister of Finance, Nguyen Van Thang.

As part of AFMGM, BNM will organise the "Eminent Persons’ Dialogue: ASEAN Financial Integration" in a Multipolar World, while the Securities Commission Malaysia will hold an ASEAN Investment Conference 2025. 

-- BERNAMA