ASEAN+3 WORKING COMMITTEE MEETING OUTLINES ASEAN'S 2025 MAIN ECONOMIC PRIORITIES

KUALA LUMPUR, Jan 15 (Bernama) -- The First Meeting of the ASEAN+3 Working Committee has agreed to set the Priority Economic Deliverables (PEDs) for ASEAN 2025, which include increasing access to sustainable and fair climate transition financing, said the Ministry of Finance (MoF).

The MoF said ASEAN PEDs will help accelerate the growth of a more robust, connected and inclusive ASEAN capital market and promote the sustainability of inclusive immediate payments in ASEAN.

Meanwhile, PEDs for ASEAN+3 include the full expertise of ASEAN+3 countries in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF); expanding the expertise of the ASEAN+3 Finance Think-tank Network (AFTN); increasing the credibility of the Chiang Mai Initiative Multilateralisation (CMIM) through the transition from pledge to paid capital and increase CMIM access.

MoF said through a statement that this meeting was co-chaired by Malaysia and China on Jan 14-15, 2025 at PARKROYAL Langkawi Resort, Kedah.

"This meeting was attended by 135 officials and delegation members from the finance ministries and central banks of ASEAN+3 member countries consisting of ASEAN, China, South Korea and Japan," said the ministry.

As co-chairs of the meeting, Malaysia was led by deputy treasury secretary general (policy) Datuk Zamzuri Abdul Aziz, while China was led by the deputy director-general of the Ministry of Finance, Zhang Minwen.

In addition, Bank Negara Malaysia is led by the director of the International Department, Ida Harniza Johar, while the People’s Bank of China is led by the deputy director-general, Chen Jing.

The MoF stated that among the other main points that were discussed and agreed upon was the proposal for Disaster Risk Financing (DRFI).

He added that the presentation of the DRFI Roadmap 2026-2028 aims to address regional vulnerability to natural disasters, and the proposal to establish a new platform at the level of ASEAN+3 Finance Ministers specifically to discuss fiscal policy.

In addition, there is a proposal to develop a Policy Adjustment Instrument (PAI) mechanism to help member countries improve the stability of their respective countries' financial positions.

"The matters agreed in this meeting will be further refined and discussed in the Second Meeting of the ASEAN+3 Working Committee scheduled for March 5-6, 2025 in Xiamen, China before being presented for approval at the Meeting of Finance Ministers and Central Bank Governors of ASEAN+3 which is scheduled in May 2025," said the ministry.

-- BERNAMA