ASEAN finance ministers commit to promoting economic growth

Hanoi (VNA) - Finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) have agreed to promote economic growth and financial integration, and strengthen financial stability in the region.

The commitment was detailed in a joint statement, which was issued at the third Finance Ministers and ASEAN Central Governors’ Joint Meeting, which concluded in Cebu, the Philippines on April 7.

According to the joint statement, ASEAN’s finance ministers and central bank governors pledged to pursue the bloc’s objectives to build a highly integrated and cohesive economy, which is competitive, innovative, and dynamic, through intra-bloc cooperation.

They also committed to bolstering cooperation among regional countries, towards achieving the ASEAN Economic Community (AEC) by 2025 and establish a strong associated capital market of the region, and ensure effective development of ASEAN Green Bond Initiatives.

Participants also adopted a financial initiative, which aims help ASEAN member nations access more financial products and services.

They stressed the need for regional countries to reinforce their production sectors to meet domestic demand, saying that this is key factor to promote economic development in the region.

Participants affirmed that policies related to economic restructuring, public expenditure, and financial stimulus programmes will help attract more investment flows to the region.

During the meeting, measures to promote use of a common currency in trade transaction, investment and payment among ASEAN member nations was also tabled. 

Participants also focused their discussion on how to help the bloc’s member nations enhance capacity to recover their economy after natural disasters.-VNA