PH Mission to ASEAN, Chinese Mission Hold Forum on East Asia Financial Cooperation
ASEAN Secretary General Dato Lim Jock Hoi (7th from left), Permanent Representative of the Philippines to ASEAN Elizabeth P. Buensuceso (6th from left), People’s Republic of China to ASEAN Ambassador Huang Xilian (9th from left), and the members of the Committee of Permanent Representatives to ASEAN (CPR), together with Trilateral Cooperation Secretariat Secretary-General Lee Jong-heon (10th from left), ASEAN +3 Macroeconomic Research Office (AMRO) Director Chang Junhong (11th from left), Asian Financial Cooperation Association (AFCA) Secretary-General Yang Zaiping (5th from left), ASEAN for Economic Community Deputy Secretary-General Dr. Aladdin D. Rillo (8th from left), and speakers and panelists to the “Jakarta Forum on East Asia Financial Cooperation: Towards and Open, Inclusive, Stable and Prosperous Region,” held on 04 March 2019 in Jakarta, Indonesia. (Jakarta PM photo)
JAKARTA 11 March 2019 — The Philippine Mission to ASEAN, in collaboration with the Chinese Mission to ASEAN and with the support of the Habibie Center, held the inaugural Jakarta Forum on ASEAN-China Relations with the theme “East Asia Financial Cooperation: Towards and Open, Inclusive, Stable and Prosperous Region” on 04 March 2019 in Jakarta, Indonesia.
Over 120 participants, including ASEAN Secretary General Dato Lim Jock Hoi, the Committee of Permanent Representatives to ASEAN, the Trilateral Cooperation Secretariat, regional financial institutions, officials from ASEAN member states, non-ASEAN East Asia Summit member states, local think tanks, and research institutions, as well as the academe and media were present during the event.
Participants gathered to discuss and share perspectives on regional financial cooperation between ASEAN and its East Asian partners, China, Japan and South Korea, in the areas of Regional Financial Governance, the establishment of regional monitoring mechanisms such as the ASEAN+3 Macroeconomic Research Office, and strengthening the resilience of the region’s financial system through the Asian Bond Markets Initiative, among others.
In his opening remarks, Secretary General Lim underscored that since the Asian financial crisis in 1998, “ASEAN has managed to increase trade and capital flows, strengthen banking sector and cross-border banking linkages, and increase foreign participation in capital markets.”
The ASEAN Secretary prescribed three measures to move ASEAN+3 financial cooperation in the future, the development of new disaster risk financing instruments which will strengthen financial resilience against catastrophes, supplementing existing initiatives such as the Southeast Asia Disaster Risk Insurance Facility; broader approaches to financing infrastructure including additional efforts in domestic financing in order to close significant financing gaps for infrastructure investment, and the adoption of financial technologies that will improve the efficiency of financial intermediation and allow the financial sector to fully reap the benefits of the digital revolution.
He also advised that countries in the region should remain committed to regional financial integration and cooperation and, in particular, move forward on initiatives that promote greater integration of financial markets.
ASEAN+3 Macroeconomic Research Office Director Dr. Chang Junhong, Trilateral Cooperation Secretariat Secretary-General Lee Jong-heon, and Asian Financial Cooperation Association Secretary General Yang Zaiping, also delivered remarks focusing on the various regional financial cooperation, and monitoring and regulatory mechanisms of the ASEAN+3 and the East Asian Region.
In her opening remarks, Philippine Representative to ASEAN and forum co-organizer Ambassador Elizabeth P. Buensuceso emphasized that “the Philippines, as Country Coordinator for ASEAN-China Dialogue Relations, will work hard with China in elevating ASEAN-China relations to even greater heights.”
“During the 21st ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, which was held in the Philippines in May 2018, our (region’s) highest finance officials reiterated our commitment to work together to strengthen the resilience and robustness of our collective economies, in order to contribute to strong, sustainable, balanced and inclusive regional and global growth, supported by an open and rules-based framework for multilateral trade and investment,” Ambassador Buensuceso further noted.
Moreover, the Ambassador said that “in light of a complex and rapidly evolving regional and international environment, it is imperative now, more than ever, for ASEAN and its Plus Three partners to work together in maintaining regional financial growth and stability.”
Chinese Ambassador to ASEAN Huang Xilian expressed the hope that the Jakarta Forum can be a platform for discussions and ideas that will further energize China-ASEAN relations, stimulate discussion and possible solutions to common regional challenges, and help to build a network of thoughts and ideas for broad Asia-Pacific cooperation.
In response to rising uncertainties in the global capital markets and growing financial risks in the region, the Ambassador underscored the need to deepen financial cooperation and explore new potentials of growth.
The Jakarta Forum on ASEAN-China Relations is envisioned as a platform in Jakarta for senior officials, eminent experts, and regional organizations from ASEAN countries, China and other external partners to promote further cooperation, exchange views, and discuss pertinent regional and international issues. Succeeding Jakarta Fora will tackle a broad range of issues, and will be held in the course of the year. END
For more information, visit http://www.jakartapm.dfa.gov.ph or https://www.facebook.com/PHMissionJakarta.
ASEAN Secretary General Dato Lim Jock Hoi delivers his opening remarks during the inaugural Jakarta Forum on East Asia Financial Cooperation on 04 March 2019 in Jakarta, Indonesia. (Jakarta PM photo)
Ambassador Elizabeth P. Buensuceso, Permanent Representative of the Philippines to ASEAN, launches the first Jakarta Forum on ASEAN-China Relations, as a platform in Jakarta for senior officials, eminent experts, and regional organizations from ASEAN countries, China, and other external partners, to promote further cooperation, exchange views, and discuss pertinent regional and international issues. (Jakarta PM photo)