At the event (Source: VNA) Bangkok (VNA) – The 23rd ASEAN FinanceMinisters’ Meeting (AFMM) and the fifth ASEAN Finance Ministers' and CentralBank Governors' Meeting (AFMGM) took place in Chiang Rai, Thailand, on April 5under the chair of ThaiFinance Minister Apisak Tantivorawong and Governor of Thai Central Bank Veerathai Santiprabhob.
A Vietnamesedelegation led by Finance Minister Dinh Tien Dung and Deputy Governor of theState Bank of Vietnam Nguyen Thi Hong attended the events.
Speaking toparticipants, Minister Dung asked ASEAN to continue with its reform measures tosupport regional resilience in infrastructure, capability of financial access,labour output improvement, renewal promotion, and business environment.
TheVietnamese side acknowledged the result of negotiations on financial servicesunder the ASEAN Trade in Services Agreement (ATISA) and lauded member statesfor agreeing to ensure the principles of “cautious management” and “fiscalspace” in financial services.
Vietnam called on the bloc tomaintain such stance when negotiating new and upgrade free trade agreements,including the Regional Comprehensive Economic Partnership (RCEP).
Minister Dung spoke highly ofregional business environment thanks to drastic reform in trade facilitation,simplification of customs procedures and application of information technology.
He expressed support for thegoal of connecting all member countries in the ASEAN one-stop shop and announcedthat Vietnam is ready to join pilot projects in the ASEAN Customs TransitSystem.
Vietnam is working to refinelegal framework for the development of green capital market products, includinggreen bonds in the country, he said, adding that Vietnam welcomes the adoptionof the Roadmap on ASEAN Sustainable Capital Markets.
The meetings reviewed theoutcomes of financial-monetary cooperation in the region with an aim tomaintain ASEAN economic growth, ensure financial stability and achieve prioritygoals of enhancing connectivity, sustainability and financial resilience.
Finance ministers and centralbank governors discussed regional and global economic growth, the progress ofthe implementation of ASEAN financial and monetary cooperation initiatives.
They noted that ASEANcontinued to grow by 5.1 percent in 2018, which is forecast to stay at the samelevel in 2019 and about 5.2 percent by 2020. Key infrastructure projects, tradepromotion and international investment are expected to be engines of regionaleconomic growth.
Participants were cognizantof the downside external risks and pledged to stay ready to make appropriatepolicy responses needed to sustain growth and maintain stability in the regionalfinancial system.
The ASEAN 3 Macroeconomic ResearchOffice was assigned to monitor the economic and financial development in theregion.
Officials welcomed thenotable progress in financial services liberalisation with the signing of theProtocol to Implement the Eighth Package of Commitments on Financial Servicesunder the ASEAN Framework Agreement on Services. The Protocol underscores theirstrong commitment in advancing regional linkages by further opening marketaccess in the financial services sector.
They lauded efforts tocontinue promoting liberalisation of financial services via negotiations on theRCEP and the ninth Protocol.
ASEAN finance ministers werepleased with the progress of customs cooperation, particularly with ongoingdevelopment of the live operation of the ASEAN Single Window (ASW) in hope thatASEAN member states will join in the exchange of the ATISA e-form D via theASW.
They welcomed the launch ofthe ASEAN Capital Markets Forum (ACMF) to facilitate cross-border movement ofinvestment advisors.
Participants reaffirmedcommitment to accelerate infrastructure development and financing in ASEANthrough the mobilisation of private capital. They noted the ASEANInfrastructure Fund’s two innovation windows, including Inclusive FinanceFacility and the ASEAN Catalytic Green Finance Facility.
They welcomed the closecollaboration and the joint initiative between the ACMF and the WorkingCommittee on Capital Market Development on infrastructure financing andsustainable financing.
Concluding the events, theyissued a joint statement reaffirming the commitment to pursuing an integratedASEAN to support economic growth and strengthen regional financial stabilityamid increased instability arising from trade tension and developed countries’policy adjustments.
They welcomed Vietnam’s hostof the sixth AFMFM and the assumption of its Chair by 2020.
In an interview granted toVietnam News Agency, Minister Dung talked about preparations for the AFMM andAFMGM when Vietnam takes the role of ASEAN Chair by 2020.
He said the Finance Ministry hasoutlined specific goals and action plans to submit to the National ASEAN 2020Committee in the spirit of ensuring sustainable common development in the regionand will continue raising new ideas in other fields in the coming years.-VNA
A Vietnamesedelegation led by Finance Minister Dinh Tien Dung and Deputy Governor of theState Bank of Vietnam Nguyen Thi Hong attended the events.
Speaking toparticipants, Minister Dung asked ASEAN to continue with its reform measures tosupport regional resilience in infrastructure, capability of financial access,labour output improvement, renewal promotion, and business environment.
TheVietnamese side acknowledged the result of negotiations on financial servicesunder the ASEAN Trade in Services Agreement (ATISA) and lauded member statesfor agreeing to ensure the principles of “cautious management” and “fiscalspace” in financial services.
Vietnam called on the bloc tomaintain such stance when negotiating new and upgrade free trade agreements,including the Regional Comprehensive Economic Partnership (RCEP).
Minister Dung spoke highly ofregional business environment thanks to drastic reform in trade facilitation,simplification of customs procedures and application of information technology.
He expressed support for thegoal of connecting all member countries in the ASEAN one-stop shop and announcedthat Vietnam is ready to join pilot projects in the ASEAN Customs TransitSystem.
Vietnam is working to refinelegal framework for the development of green capital market products, includinggreen bonds in the country, he said, adding that Vietnam welcomes the adoptionof the Roadmap on ASEAN Sustainable Capital Markets.
The meetings reviewed theoutcomes of financial-monetary cooperation in the region with an aim tomaintain ASEAN economic growth, ensure financial stability and achieve prioritygoals of enhancing connectivity, sustainability and financial resilience.
Finance ministers and centralbank governors discussed regional and global economic growth, the progress ofthe implementation of ASEAN financial and monetary cooperation initiatives.
They noted that ASEANcontinued to grow by 5.1 percent in 2018, which is forecast to stay at the samelevel in 2019 and about 5.2 percent by 2020. Key infrastructure projects, tradepromotion and international investment are expected to be engines of regionaleconomic growth.
Participants were cognizantof the downside external risks and pledged to stay ready to make appropriatepolicy responses needed to sustain growth and maintain stability in the regionalfinancial system.
The ASEAN 3 Macroeconomic ResearchOffice was assigned to monitor the economic and financial development in theregion.
Officials welcomed thenotable progress in financial services liberalisation with the signing of theProtocol to Implement the Eighth Package of Commitments on Financial Servicesunder the ASEAN Framework Agreement on Services. The Protocol underscores theirstrong commitment in advancing regional linkages by further opening marketaccess in the financial services sector.
They lauded efforts tocontinue promoting liberalisation of financial services via negotiations on theRCEP and the ninth Protocol.
ASEAN finance ministers werepleased with the progress of customs cooperation, particularly with ongoingdevelopment of the live operation of the ASEAN Single Window (ASW) in hope thatASEAN member states will join in the exchange of the ATISA e-form D via theASW.
They welcomed the launch ofthe ASEAN Capital Markets Forum (ACMF) to facilitate cross-border movement ofinvestment advisors.
Participants reaffirmedcommitment to accelerate infrastructure development and financing in ASEANthrough the mobilisation of private capital. They noted the ASEANInfrastructure Fund’s two innovation windows, including Inclusive FinanceFacility and the ASEAN Catalytic Green Finance Facility.
They welcomed the closecollaboration and the joint initiative between the ACMF and the WorkingCommittee on Capital Market Development on infrastructure financing andsustainable financing.
Concluding the events, theyissued a joint statement reaffirming the commitment to pursuing an integratedASEAN to support economic growth and strengthen regional financial stabilityamid increased instability arising from trade tension and developed countries’policy adjustments.
They welcomed Vietnam’s hostof the sixth AFMFM and the assumption of its Chair by 2020.
In an interview granted toVietnam News Agency, Minister Dung talked about preparations for the AFMM andAFMGM when Vietnam takes the role of ASEAN Chair by 2020.
He said the Finance Ministry hasoutlined specific goals and action plans to submit to the National ASEAN 2020Committee in the spirit of ensuring sustainable common development in the regionand will continue raising new ideas in other fields in the coming years.-VNA
VNA
