(Photo) H.E. Dato Lim Jock Hoi, Secretary General of ASEAN (7th from left), H.E. Elizabeth P. Buensuceso, Permanent Representative of the Philippines to ASEAN (6th from left); H.E. Huang Xilian, Ambassador of the People’s Republic of China to ASEAN (9th from left); and the members of the Committee of Permanent Representatives to ASEAN (CPR); together with Mr. Lee Jong-heon, Secretary-General of the Trilateral Cooperation Secretariat (10th from left); Ms. Chang Junhong, Director of the ASEAN +3 Macroeconomic Research Office (AMRO) (11th from left), Mr. Yang Zaiping, Secretary-General of the Asian Financial Cooperation Association (AFCA) (5th from left); Dr. Aladdin D. Rillo, Deputy Secretary-General of ASEAN for Economic Community (8th from left); 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..
The Philippine Permanent Mission to ASEAN in collaboration with the Mission of the People’s Republic of China to ASEAN, 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 the Secretary General of ASEAN; the Committee of Permanent Representatives to ASEAN (CPR); Trilateral Cooperation Secretariat; regional financial institutions; officials from ASEAN Member States, Non-ASEAN East Asia Summit (EAS) Member States, local think tanks and research institutions, as well as the academe and media, 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 (AMRO); and strengthening the resilience of the region’s financial system through the Asian Bond Markets Initiative (ABMI), among others.
(Photo) H.E. Dato Lim Jock Hoi, Secretary General of ASEAN, delivering Opening Remarks during the inaugural Jakarta Forum on East Asia Financial Cooperation, 04 March 2019, Jakarta, Indonesia.
In his Opening Remarks, H.E. Dato Lim Jock Hoi, Secretary General of ASEAN 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 Secretary General prescribed three measures to move ASEAN+3 financial cooperation in the future, namely: the development of new disaster risk financing instruments which will strengthen financial resilience against catastrophes, to supplement existing initiatives such as the Southeast Asia Disaster Risk Insurance Facility (SEADRIF); 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.
Dr. Chang Junhong, Director of ASEAN+3 Macroeconomic Research Office (AMRO); Mr. Lee Jong-heon, Secretary-General of Trilateral Cooperation Secretariat (TCS); and Mr. Yang Zaiping, Secretary General of Asian Financial Cooperation Association (AFCA) also provided Keynote Remarks focusing on the various regional financial cooperation, monitoring and regulatory mechanisms of the ASEAN+3 and the East Asian Region.
(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, as well as discuss pertinent regional and international issues.
In her Opening Remarks, Permanent Representative of the Philippines to ASEAN and co-organizer of the event, 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”. She further noted that “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.” Moreover, “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”.
Ambassador of the People’s Republic of China to ASEAN, H.E. 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, he underscored the need to deepen financial cooperation, aim higher 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, as well as discuss pertinent regional and international issues. Succeeding Jakarta Fora will tackle a broad range of issues, and will be held in the course of FY 2019.
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