Finance Ministers and Governors have confirmed their commitment to further strengthen economic and financial cooperation in order to secure the sustained economic growth of ASEAN and Japan during the next 50 years as well. At a meeting held for the first time in four years between Finance Ministers and Central Bank Governors of ASEAN countries and Japan on the eve of 50th anniversary of ASEAN, Tokyo for its part proposed to implement the various measures including enhancing resilience of regional finance.
Other measures comprised promoting movement of good and investment in the region to support economic integration of ASEAN and Japan and closing the gap among countries to deepen the ASEAN economic integration. As economic ties between ASEAN and Japan strengthen amid the ASEAN financial integration and increasing activities of Japanese firms in the region, it is important to promote the use of local currencies in cross-border transactions in the region over the medium term, observed the meeting adding, facilitating the funding of Yen in ASEAN will contribute to further regional stability.
"There is also meanwhile renewed demand for strengthening regional financial safety net in view of recent uncertainty in the global economy," it was noted at the meeting. Taking into account the ASEAN economic community blueprint, Japan will extend technical assistance to promote harmonization of divergent custom processes across countries, to facilitate seamless movement of goods in the region.
The meeting also stressed upon strengthening technical support in the area of financial market development to countries that envisage exits from eligibility for concessional loans by MDBs so that they can smoothly secure market based financing through government bond issuance in the near future.
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