ASEAN+3 To Enhance Initiatives For Greater Self-reliance In Addressing Global Challenges

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, April 9 (Bernama) -- Ten ASEAN member countries, including China, Japan, and South Korea (ASEAN+3), have agreed to intensify initiatives to ensure more self-reliance, particularly in addressing the reciprocal tariff policies by the United States.

Ministry of Finance deputy secretary general (Policy) Datuk Zamzuri Abdul Aziz said ASEAN+3 must achieve self-reliance as soon as possible to reduce mutual dependency among member countries.

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He said this would strengthen intra-trade and economic and financial cooperation, making the region more resilient and less affected in the event of policy changes at the international level.

“Based on current developments, the urgency to enhance economic and financial integration among member countries is important. We need to accelerate its implementation so that when situations like this (global challenges) occur, our economic strength becomes more self-reliant.

“These initiatives are in the pipeline but we need to speed up their implementation,” he told reporters after attending the ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3) here today.

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Zamzuri said the two-day AFCDM+3 meeting discussed and refined proposals to be decided at the ASEAN Finance Ministers and Central Bank Governors’ Meeting, which will be held in Milan on May 4.

The meeting is expected to be held on the sidelines of the 58th Annual Meeting of the Board of Governors of the Asian Development Bank, hosted by Italy, from May 4 to 7.

Meanwhile, Zamzuri said that among the things agreed upon at the meeting was the formation of a ministerial-level platform to discuss fiscal policy issues at the ASEAN+3 level.

“We also discussed the implementation of mechanisms to expedite the ‘financial safety net’, which is an effort to provide a platform for mutual assistance among member countries in the event of issues affecting their fiscal and monetary positions,” he said.

In addition, Zamzuri said Malaysia had proposed the inclusion of Khazanah Research Institute and the Institute of Asian Studies, Universiti Kebangsaan Malaysia (UKM) in the ASEAN+3 framework so that experts can contribute ideas to enhance regional economic cooperation.

-- BERNAMA