Latest news with #AFMGM+3
The Star
10-05-2025
- Business
- The Star
Brunei urges regional economic unity
Dr Awang Mohd Amin Liew Abdullah with Asian Deveopment Bank ADB President Masato Kanda. - Asian Development Bank BANDAR SERI BEGAWAN: Brunei Darussalam underscored the importance of unity, cooperation, and a shared commitment to inclusive growth as guiding principles for navigating challenging times, alongside the need to enhance resilience and stability amidst an increasingly uncertain global economy. These views were shared by Minister at the Prime Minister's Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Mohd Amin Liew Abdullah during the 28th Asean+3 Finance Ministers' and Central Bank Governors' Meeting (AFMGM+3) in Milan, Italy recently. The minister also emphasised the importance for Asean+3 member states to continue building strong partnerships with international financial institutions (IFI) and leverage on their expertise and assistance. The meeting was co-chaired by Malaysia's Minister of Finance II Datuk Seri Amir Hamzah Azizan and Governor of Bank Negara Malaysia Dato' Seri Abdul Rasheed Ghaffour as well as China's Minister of Finance Lan Fo'an and Governor of the People's Bank of China Pan Gongsheng. Managing director of the Brunei Darussalam Central Bank (BDCB) Rashidah Sabtu was also present. The meeting discussed key economic developments. Presentations were delivered by IFIs: the Asian Development Bank (ADB), the International Monetary Fund (IMF) and the Asean+3 Macroeconomic Research Office (AMRO). Asean finance ministers and central bank governors also discussed policy responses to global risks and challenges and ways to further strengthen strategic regional financial cooperation such as through the Strategic Directions of the Asean+3 Finance Process, and through initiatives such as the Chiang Mai Initiative Multilateralisation (CMIM), Asian Bond Markets Initiative (ABMI) and the Asean+3 Future Initiatives. The AFMGM+3 Meeting is held annually and brings together finance ministers and central bank governors from Asean+3 member countries to discuss global and regional financial and economic developments and efforts to boost regional cooperation and collaboration. Meanwhile, Acting Permanent Secretary (Fiscal I) at the Ministry of Finance and Economy (MoFE) Asrul Adrain Ahmad and Deputy Managing Director (Monetary Operations, Development and International) at the BDCB Mardini Eddie, were also present during the meeting. Dato Seri Setia Dr Awang Mohd Amin Liew also attended the 58th Asian Development Bank (ADB) Board of Governors' annual meeting in Milan, Italy. During the business session of the ADB Board of Governors on May 5, Dato Seri Setia Dr Awang Mohd Amin Liew stressed the importance of multilateral cooperation in addressing global challenges and highlighted key priorities of Brunei including on reducing its carbon footprint through renewable energy investments and energy mix diversification and building resilient agricultural systems to enhance food security. Brunei also welcomed opportunities to work with the ADB on digital transformation and workforce development. Dato Seri Setia Dr Awang Mohd Amin Liew and ADB President Masato Kanda met at the sidelines of the 58th ADB Annual Board of Governors' meeting, where discussions focused on Brunei's economic outlook and its continued efforts to diversify its economy amid ongoing challenges. Both sides also welcomed greater collaboration between Brunei and the ADB through exchanges of knowledge, best practices and expertise and strengthened engagements through regional platforms such as Asean and BIMP-EAGA. Under the theme 'Sharing Experience, Building Tomorrow' key discussions at the 58th ADB Annual Board of Governors' meeting focused on ways the ADB and its members, together with other Multilateral Development Banks (MDBs) can collaborate to tackle global challenges through digital transformation, climate-resilient energy transitions and sustainable food systems. Prior to the 58th ADB Annual Board of Governors' meeting, Haji Asrul Adrian chaired the 2025 Constituency Senior Officials' meeting – comprising Brunei, Malaysia, Nepal, Singapore, Thailand and Turkiye) – which discussed the status of the ADB and its constituency operations including financing status, technical assistance projects and other initiatives, and ensure they are in line with ADB objectives. The ADB is a leading multilateral development bank supporting sustainable, inclusive and resilient growth across the Asia-Pacific. It harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure. Founded in 1966, ADB has 69 members including Brunei and is headquartered in Manila, the Philippines. The 58th ADB annual meeting was also attended by senior officials from the MoFE of Brunei. – Borneo Bulletin/ANN
The Sun
05-05-2025
- Business
- The Sun
Trade protectionism disrupts global trade - ASEAN+3
KUALA LUMPUR: Rising trade protectionism impacts global trade, causing economic fragmentation that affects trade, investment, and capital flows throughout the region, as concluded in the 28th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting (AFMGM+3). The meeting was held on May 4, 2025, in Milan, Italy, under the co-chairmanship of Malaysia's Finance Minister II Datuk Seri Amir Hamzah Azizan, Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour, China's Finance Minister Lan Fo'an, and the People's Bank of China governor Pan Gongsheng. The ASEAN+3 Macroeconomic Research Office (AMRO) director, the Asian Development Bank (ADB) president, the ASEAN Secretariat deputy secretary-general, and the International Monetary Fund (IMF) deputy managing director were also present. In a joint statement, AFMGM+3 said that near-term prospects may also be affected by other external risks, including tighter global financial conditions, growth slowdown in major trading partners, and reduced investment flows. 'We call for enhanced regional unity and cooperation as we endeavour to weather the heightened uncertainty. Our current policy priority is to reinforce long-term resilience while maintaining flexibility to address near-term challenges, including rising protectionism and volatile global financial conditions. 'On the fiscal front, this means rebuilding policy buffers while continuing to provide well-targeted support to sustain growth while implementing structural reforms. We will also carefully recalibrate monetary policy based on domestic conditions,' said the group. AFMGM+3 emphasised that they will maintain exchange rate flexibility as a buffer against external shocks. 'Our export markets and sources of growth have become increasingly diversified over the years, with domestic demand and intraregional trade now serving as key drivers of growth,' it said. The group said that amid rising uncertainties and long-term structural shifts, they reaffirm their full commitment to multilateralism and a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organisation at its core. 'We will enhance macro-economic policy dialogue, promote regional financial cooperation, and ensure stable and unimpeded industrial and supply chains, to jointly safeguard regional economic and financial stability. 'We fully support the robust implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement,' it said. They urge international organisations to uphold multilateralism and promote free trade, analyse and monitor the potential impact of trade tensions on the global economy, and support their members in providing policy advice to manage the negative shocks that may arise. 'We will promote greater intra-regional trade and investment flows to strengthen the region's resilience against external shocks, to adjust to pre-existing and new challenges, and to support sustainable and equitable economic development. 'Given our financial market interlinkages, we are closely monitoring regional financial market conditions,' it said. AFMGM+3 stated that the meetings reaffirm their resolve and commitment to ensure that financial systems and markets remain resilient despite uncertainty, while maintaining open communication among members in light of rapidly evolving developments.
