Vietnam Joint Statement Tender

the 5th ASEAN Minister of Finance and Governor of the Central Bank were successfully held in Chiang Rai Thailand. The conference agreed on many important contents and issued a joint statement. The Portal of the Ministry of Finance introduces the full text of the General Statement of the Conference.Chiang Rai Thailand April 5 2019 We the ASEAN Minister of Finance and the Governor of the ASEAN Central Bank met at the 5th General Meeting of ASEAN Finance Minister and Governor of the ASEAN Central Bank in Chiang Rai Thailand on the 5th. April 2019 co-chaired by Mr. Apisak Tantivorawong Finance Minister of the Kingdom of Thailand and Mr. Veerathai Santiprabhob Governor of the Central Bank of Thailand.We reaffirmed our commitment to pursue an integrated ASEAN to support economic growth and strengthen regional financial stability amid rising uncertainty arising from trade tensions and major adjustments. books of developed economies. We welcome Thailands priority topic on Promoting Partnership for Sustainability and the goal to achieve this through inclusive and sustainable growth. We also stressed the importance of Thailand-proposed initiatives such as increased connectivity sustainability and self-sufficiency as the main pillars of strengthening financial cooperation this year.Update on the economic situation and policy challenges We are delighted that ASEAN continues to grow 5.1 in 2018 based on domestic demand and strong domestic investment. We reaffirmed our member countries commitment to international trade and investment as important drivers of growth and development. We believe that the development of important infrastructure deployed in a number of ASEAN member countries will promote investment and consumption as well as economic growth. However we are also aware of the potential risks and are always ready to implement the necessary response policies appropriately to maintain growth and stability in the financial system. In this regard we have taken measures to prevent and supervise macroeconomic and financial risks of the High-Level Committee on Financial Integration Working Groups.We also recognize the importance of regular monitoring of ASEAN regional macroeconomics. We continue to assign the ASEAN 3 Macroeconomic Supervision Agency AMRO to closely monitor the economic and financial development in the region enhance the monitoring and administration capabilities and support the Chiang Mai Multilateral Initiative CMIM as a safe and effective regional financial network and a key element of the Global Financial Safety Network.Integration and financial liberalization We welcome the remarkable progress in financial services liberalization through the signing of the Protocol of Implementation of the 8th Financial Services Commitment Package under the ASEAN Framework Agreement on Translation. AFAS between all ASEAN Finance Ministers on April 5 2019. The Protocol underscores the strong commitment of Member States to promote linkages among ASEAN Member States by continuing to open market access in the financial services sector. We are pleased to announce that the 9th Protocol negotiations have begun and encouraged ASEAN Member States to make important commitments to complete quickly in line with the Strategic Action Plan. consolidation of the ASEAN Economic Community AEC in 2025.For the banking sector we welcome the results of two new bilateral agreements in the ASEAN Bank Integration Framework ABIF which will take effect after the countries that signed the 8th Protocol have mentioned above. We encourage banks to take advantage of ABIF agreements because ASEAN Qualified Banks QABs can benefit from market access and more flexible operations. We also look forward to expanding cooperation in the banking industry in line with the trend of ASEAN banking integration and completing the strategic action plans of AEC 2025 for financial integration.We welcome the introduction of the Financial Services Commitment Assessment Schedule which allows comprehensive monitoring of the level of openness of the financial services sector of Member States. We are pleased to announce that this assessment has shown increased levels of liberalization in the insurance banking and capital markets. The Vice-Ministers Deputy Governors approved the revised Terms of Reference for the Financial Services Liberalization Working Group WC-FSL to streamline WC-FSL activities in line with the Strategic objectives of the AEC 2025 Plan and principles of ASEANs central role. We reiterated our commitment to strengthen ASEANs cooperation with our regional partners. We look forward to ending the Appendix of Financial Services negotiations under the Regional Comprehensive Economic Partnership Agreement RCEP by the end of 2019. Facilitate Trade and InvestmentWe are pleased with the ongoing efforts of the Capital Account Liberalization Working Group WC-CAL in promoting the use of currencies to enhance trade and direct investment in the region. . We noted the three existing bilateral agreements on currency co-payments and encouraged AMS to consider signing a similar agreement with each other as appropriate. We welcome the signing of the intended Letters between the Philippine Central Bank BSP and the Bank of Indonesia BI the Central Bank of Malaysia BNM and the Bank of Thailand BOT to Start the discussion about setting up a bad currency payment framework. We look forward to completing the above Guidelines for guiding the Framework to guide AMS to establish bilateral currency payment arrangements in the ASEAN region later this year.