Anwar: Asean revives plans for regional monetary fund
Asean countries are reviving the idea of creating their own monetary fund, said Prime Minister Anwar Ibrahim.
He said there is a need for financial transformation in Asean and the regional group is taking steps in this direction.
'One example is the Chiang Mai Initiative, where central banks in the region...
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
2 hours ago
- BusinessToday
ASEAN Chief: Stronger Local Action, Simpler Rules Key To Unlocking Regional Trade Potential
Strengthening grassroots implementation, streamlining business processes and deepening public–private collaboration is critical to unlocking the full potential of regional trade agreements, said ASEAN Secretary General Dr Kao Kim Hourn at the 2025 RCEP Local Governments and Friendship Cities Cooperation Forum. Citing the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN-China Free Trade Area (ACFTA) as key trade frameworks, Kao emphasised their complementary roles in expanding market access, enhancing supply chain resilience and boosting regional competitiveness. 'Public–private partnerships are essential not just for integrating businesses into regional value chains, but also in shaping more responsive policies,' he said, calling for greater support for micro, small and medium enterprises (MSMEs), which face persistent financing and regulatory hurdles. Kao urged local governments to drive progress through targeted outreach, advisory support and streamlined administration to help MSMEs thrive under these trade frameworks. He praised city-level initiatives that facilitate trade adoption via policy dialogue, capacity building and incentives, helping businesses navigate complex trade rules. RCEP, comprising 15 economies including all 10 ASEAN members plus China, Japan, South Korea, Australia and New Zealand, represented US$29.4 trillion in GDP (28% of global GDP) and US$13.5 trillion in trade (28% of global trade) as of 2024. ASEAN's trade with RCEP partners hit US$1.3 trillion, or 34.5% of its total trade. In China, RCEP usage surged 38% in 2024, as businesses tapped the agreement to expand exports and diversify supply chains. On the ACFTA front, Kao spotlighted the upcoming ACFTA 3.0 upgrade, which aims to modernise trade with China by integrating digital economy tools, green initiatives and deeper supply chain links. Negotiations were recently concluded, with a signing slated for the 47th ASEAN Summit in Kuala Lumpur this October. 'ACFTA and RCEP are mutually reinforcing, enabling ASEAN and Chinese firms to broaden their global supply chain footprints,' Kao said. 'Together, they will help build resilient, connected, and future-ready economies.' Related
Malay Mail
3 hours ago
- Malay Mail
PM directs police to review travel restriction on activist Fahmi Reza
KUALA LUMPUR, June 8 — Prime Minister Datuk Seri Anwar Ibrahim has directed Deputy Inspector-General of Police Tan Sri Ayob Khan Mydin Pitchay to review the travel restriction imposed on activist and graphic artist Fahmi Reza. In a statement today, the Prime Minister's Office said the Madani government upholds individual freedoms as long as they do not threaten national security or breach existing laws, according to Bernama. 'Therefore, the Royal Malaysia Police (PDRM) must provide further clarification on this matter,' the statement said. 'The Prime Minister's Office will continue to monitor developments accordingly,' it added. Yesterday, Fahmi said he was prevented from boarding a flight to Singapore at KLIA2 after Immigration officers informed him that Bukit Aman had not given clearance for him to leave the country. He was previously barred from entering Sabah on May 29 and believes both incidents are linked to his satirical artwork criticising political figures, including former Sabah chief minister Tun Musa Aman. Inspector-General of Police Tan Sri Razarudin Husain today clarified that there was no official travel ban against Fahmi and that his name had only been placed on a movement monitoring list. 'There was confusion during an immigration check at an exit point on June 7, 2025, which resulted in an incorrect instruction being issued,' he said in a statement.
The Star
3 hours ago
- The Star
Thailand enforces border controls to safeguard communities amidst rising tensions
BANGKOK: Thailand must enforce border control measures, granting local operational units the discretion to ensure the safety of border communities, the Foreign and Defence Ministries and the Royal Thai Army jointly announced on Saturday (June 7). Following border tensions between Thai and Cambodian troops in the Chong Bok area of Ubon Ratchathani on May 28, Nikorndej Balankura, director-general of the Foreign Ministry's Department of Information, stated that Thailand must protect itself and safeguard its sovereignty appropriately and proportionately, in line with international law and global practices. Since the incident, Thailand has exercised restraint, seeking a peaceful resolution and urging Cambodia to reduce tensions in the affected area while containing the conflict at its origin. Discussions have taken place at all levels, including between the Prime Ministers, Foreign Ministers, Defence Ministers and army officials of both nations, founded on mutual goodwill and the strong relations between Thailand and Cambodia as neighbouring countries and Asean members. Both sides have consistently agreed on resolving the issue peacefully through existing bilateral mechanisms, Nikorndej, who is also the Foreign Ministry spokesman, explained. Most recently, on June 5, the Thai and Cambodian Defence Ministers met in Sa Kaeo province to find a mutual resolution. Thailand reiterated its call to ease border tensions and proposed a return to pre-conflict military deployments to reduce the risk of armed clashes, which would impact both nations' citizens. 'Regrettably, Cambodia immediately rejected the proposal to adjust troop levels and has continued reinforcing its military presence at the border while refusing to adhere to the 2000 Memorandum of Understanding (MOU) for peaceful negotiations,' he said. 'This demonstrates a lack of genuine intent and sincerity in cooperating with Thailand to ease existing tensions and normalise the situation.' As a result, in accordance with the National Security Council (NSC) meeting resolution on June 6 and to preserve security and public safety along the border, Thailand must consider implementing measures to regulate the opening and closing of border crossing points with Cambodia, Nikorndej said. The NSC has assigned the 1st and 2nd Army Regions the authority to determine appropriate measures, criteria, procedures, and timeframes necessary for crossing at all border points along the Thai-Cambodian frontier. The strictness of these measures will correspond to the severity of the situation and Cambodia's cooperation in resolving the issue, he said. The Foreign Ministry spokesman emphasised that Thailand's primary objective is to protect the safety of both Thai and Cambodian citizens in the border regions. 'Thailand once again urges Cambodia to de-escalate tensions along the entire border to prevent unnecessary escalation, which would harm the people on both sides,' he said. Thailand reaffirms its readiness to employ bilateral mechanisms, particularly the Thai-Cambodian Joint Boundary Committee (JBC) meeting on June 14, and other existing bilateral mechanisms to achieve a peaceful resolution founded on mutual respect and sincerity. The goal is to restore calm along the Thai-Cambodian border for the benefit of both nations' citizens. Col Dr Dangjai Souvannakitti, Defence Ministry spokeswoman, told the press that the Defence Ministry has so far acted in accordance with the Defence Minister's policy. She confirmed that the ministry had exercised patience and pursued peaceful negotiations while directing local units to prevent further escalation. Given that past efforts have not received a positive response, she stated that measures must now be adjusted. Recently, the NSC assigned the Royal Thai Army the responsibility of implementing the plan, she added. Royal Thai Army spokesman Maj Gen Winthai Suvaree further explained that the army, alongside the 1st and 2nd Army Regions, has coordinated with border guards for Chanthaburi and Trat provinces. The army has authorised the Suranaree and Burapha task forces to oversee border crossing controls under a four-step approach: Restriction of individuals: Unnecessary travellers, such as gamblers or those engaged in illegal activities, will undergo screening by local authorities. Time regulation: The operational hours of border crossings will be limited, with necessary reductions in opening times. Closure of unnecessary crossings: Non-essential or frequently abused border points may be shut down, taking local livelihoods into account. Complete border closure: As a final measure, all crossing points may be closed along the entire frontier. While the army has authorised local units to enforce these controls, coordination with all levels of administration remains required. 'The primary reason behind border control measures is ensuring public safety,' Winthai stated. Regarding the number of border points that have already been closed, the Royal Thai Army spokesman stated that verification must be conducted at the local level, as numerous crossings exist, and each area operates differently based on specific conditions and data. The enforcement of these measures, including the progression through the four-step framework, will be left to the discretion of operational units, local authorities, and the Royal Thai Police, he added. - The Nation/ANN
