LANGKAWI: ASEAN leaders today welcomed the commitment to develop an implementation plan for a post-2015 ASEAN financial integration under the Roadmap for Monetary and Financial Integration of the regional grouping.
They are also pleased that the Protocol to Implement the Sixth Package of the Financial Services Liberalisation under the ASEAN Framework Agreement on Services has been signed by all ASEAN Finance Ministers.
This was contained in the Chairman’s Statement issued following the conclusion of the 26th ASEAN Summit, presided over by Malaysian Prime Minister Datuk Seri Najib Tun Razak, in Kuala Lumpur and Langkawi on April 26-27.
“The Protocol contains the enabling provision for implementation of the ASEAN Banking Integration Framework (ABIF) towards achieving greater financial and economic integration,” it said.
The statement also noted the good progress made in the area of capital market integration through a number of initiatives, such as the adoption of the Principles for Product Transparency and Disclosure on Cross-Border Trade Settlement.
On international economic slowdown, the ASEAN leaders acknowledged the importance of deeper, faster and better integration to mitigate the effects of uncertainties in the global economy.
“This can be achieved through ASEAN becoming more competitive and further promote foreign direct investment inflows, which ultimately will benefit our people,” they said.
The leaders also acknowledged that falling oil prices could affect export earnings and government revenue for net oil-exporting economies in ASEAN and the risk posed by currency volatility, including possible capital flow reversals.
However, they expressed confidence that the continued adoption of an appropriate policy mix, the realisation of the ASEAN Economic Community (AEC) and continued focus on infrastructure development to improve connectivity, will help sustain economic growth, maintain regional financial stability and enhance ASEAN’s competitiveness.
Meanwhile, recognising the contribution of Small and Medium Enterprises (SMEs) to the economic growth of the region, the leaders looked forward to the announcement of the ASEAN Strategic Action Plan for SME Development (2016-2025).
The plan will focus on access to finance, technology, enhancing management and marketing capability.
“Access to market information and strengthening micro-enterprises are important in enhancing SMEs’ competitiveness and resilience,” the ASEAN leaders stressed in the statement.
The leaders also commended Malaysia’s efforts in organising the 1ASEAN Entrepreneurship Gathering Summit (1AES) to be held on the sidelines of the 27th ASEAN Summit in Kuala Lumpur, in November 2015.
It is aimed at facilitating people-to-people linkages and promoting economic development and growth within ASEAN.
“We further welcome the establishment of national chapters of the ASEAN Young Entrepreneurs Association (YEA), designed to promote the inclusion of youth in entrepreneurial activities in the region,” they said.
Towards this end, the leaders also looked forward to the establishment of similar networks involving women entrepreneurs. — Bernama