ASIATODAY.ID, JAKARTA – The 11th Meeting of Ministers of Finance and Governors of the ASEAN Central Bank (AFMGM) which was held in Luang Prabang, Laos established a new vision of the ASEAN Single Window which aims to facilitate connectivity and exchange of electronic trading documents.
“The meeting noted the progress of Priority Economic Results (PED) on the technical study of the New Generation ASEAN Single Window (ASW) with the aim of establishing a new vision for ASW to become more open, inclusive and interoperable,” said the 11th AFMGM joint statement received in Jakarta, Sunday, April 7 2024.
The study on the new generation of ASW technical studies will also complement the main objective of the Bandar Seri Begawan Roadmap for ASEAN to accelerate initiatives in the areas of trade facilitation and digitalization.
This is in line with the objectives of the ASEAN Digital Economic Framework Agreement (DEFA) which aims to create a smooth digital trade ecosystem throughout the region.
The meeting also exchanged views with the ASEAN+3 Macroeconomic Research Office (AMRO), Asian Development Bank (ADB), World Bank and International Monetary Fund (IMF) regarding global and regional economic prospects, risks and challenges in the region.
Although the ASEAN economy was projected to strengthen to 4.9 percent in 2024, this was later revised down based on the latest projections, illustrating greater obstacles for the ASEAN economy.
Nevertheless, the regional economic performance was recorded to be better than expected, supported by strong domestic demand and increased investment activity amidst moderating inflation.
Export performance in most ASEAN countries also improved amidst low global commodity prices and sluggish global demand.
Meanwhile, the anticipated return of the tourism sector to pre-pandemic levels is expected to encourage regional economic growth.
Finance Ministers and Bank Governors are also aware of the risks that still tend to be on the negative side, especially due to the negative financial impact of geopolitical tensions, instability in global commodity prices, and weakening economic growth in China.
Other structural issues, including climate change, rapid digitalization, and an aging population will continue to influence economic development in the ASEAN region.
A stronger regional economy, through strengthening integration and connectivity in ASEAN is very important to face a challenging global environment. (AT Network)
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