Latest news with #Asean+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
Observer
26-03-2025
- Business
- Observer
Opinion- Asia must unite to survive Trump 2.0
US President Donald Trump has raised the spectre of economic and geopolitical turmoil in Asia. While individual countries have few options for pushing back against Trump's transactional diplomacy, protectionist trade policies and erratic decision-making, a unified region has a fighting chance. The challenges are formidable. Trump's crude, bullying approach to long-term allies is casting serious doubt on the viability of America's decades-old security commitments, on which many Asian countries depend. Worse, America's treaty allies (Japan, South Korea and the Philippines) and its strategic partner (Taiwan) fear that Trump could actively undermine their security, such as by offering concessions to China or North Korea. Meanwhile, Trump's aggressive efforts to reshape the global trading system, including by pressuring foreign firms to move their manufacturing to the United States, have disrupted world markets and generated considerable policy uncertainty. This threatens to undermine growth and financial stability in Asian economies, particularly those running large trade surpluses with the US – such as China, India, Japan, South Korea and the Asean countries. Currency depreciation may offset some of the tariffs' impact. But if the Trump administration follows through with its apparent plans to weaken the dollar, surplus countries will lose even this partial respite, and their trade balances will deteriorate. While some might be tempted to implement retaliatory tariffs, this would only compound the harm to their export-driven industries. Acting individually, Asian countries have limited leverage not only in trade negotiations with the US, but also in broader economic or diplomatic disputes. But by strengthening strategic and security cooperation – using platforms like Asean, Asean+3 (with China, Japan and South Korea), and the East Asia Summit – they can build a buffer against US policy uncertainty and rising geopolitical tensions. And by deepening trade and financial integration, they can reduce their dependence on the US market and improve their economies' resilience. One priority should be to diversify trade partnerships through multilateral free-trade agreements. This means, for starters, strengthening the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – which includes Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam – such as by expanding its ranks. China and South Korea have expressed interest in joining. The Regional Comprehensive Economic Partnership – comprising the ten Asean economies, plus Australia, China, Japan, New Zealand and South Korea – should also be enhanced, through stronger trade and investment rules and, potentially, the addition of India. Given the Asia-Pacific's tremendous economic dynamism, more robust regional trade arrangements could serve as a powerful counterbalance to US protectionism. Asia has other options to bolster intra-regional trade. China, Japan and South Korea should resume negotiations for their own free-trade agreement. Japan and South Korea are a natural fit, given their geographic proximity and shared democratic values. The inclusion of China raises some challenges – owing not least to its increasingly aggressive military posture in the region – but they are worth confronting, given China's massive market and advanced technological capabilities. With the US putting economic self-interest ahead of democratic principles, Asian countries cannot afford to eschew pragmatism for ideology. Beyond trade, Asia must build on the cooperation that began after the 2008 global financial crisis. The Chiang Mai Initiative Multilateralisation, which provides liquidity support to its member countries (the Asean+3) during crises, should be strengthened. Moreover, Asian central banks and finance ministries should work together to build more effective financial-stability frameworks – robust crisis-management arrangements, coordinated policy responses and clear communication – to stabilise currency markets and financial systems during episodes of external volatility. Trump is not the only reason why Asia should deepen cooperation. The escalating trade and technology war between the US and China is threatening to divide the world into rival economic blocs, which would severely disrupt global trade and investment. But there is still time to avoid this outcome, by building a multipolar system comprising multiple economic blocs with overlapping memberships. By fostering economic integration, within the region and beyond, Asian countries would be laying the groundwork for such an order. In an age of geoeconomic fragmentation, Asian countries could easily fall victim to the whims of great powers. But by strengthening trade partnerships, reinforcing financial cooperation, enhancing strategic collaboration and building economic resilience, they can take control over their futures, and position Asia as a leading architect of a reconfigured global economy. @Project Syndicate, 2025
Observer
26-03-2025
- Business
- Observer
Asia must unite to survive Trump 2.0
US President Donald Trump has raised the spectre of economic and geopolitical turmoil in Asia. While individual countries have few options for pushing back against Trump's transactional diplomacy, protectionist trade policies and erratic decision-making, a unified region has a fighting chance. The challenges are formidable. Trump's crude, bullying approach to long-term allies is casting serious doubt on the viability of America's decades-old security commitments, on which many Asian countries depend. Worse, America's treaty allies (Japan, South Korea and the Philippines) and its strategic partner (Taiwan) fear that Trump could actively undermine their security, such as by offering concessions to China or North Korea. Meanwhile, Trump's aggressive efforts to reshape the global trading system, including by pressuring foreign firms to move their manufacturing to the United States, have disrupted world markets and generated considerable policy uncertainty. This threatens to undermine growth and financial stability in Asian economies, particularly those running large trade surpluses with the US – such as China, India, Japan, South Korea and the Asean countries. Currency depreciation may offset some of the tariffs' impact. But if the Trump administration follows through with its apparent plans to weaken the dollar, surplus countries will lose even this partial respite, and their trade balances will deteriorate. While some might be tempted to implement retaliatory tariffs, this would only compound the harm to their export-driven industries. Acting individually, Asian countries have limited leverage not only in trade negotiations with the US, but also in broader economic or diplomatic disputes. But by strengthening strategic and security cooperation – using platforms like Asean, Asean+3 (with China, Japan and South Korea), and the East Asia Summit – they can build a buffer against US policy uncertainty and rising geopolitical tensions. And by deepening trade and financial integration, they can reduce their dependence on the US market and improve their economies' resilience. One priority should be to diversify trade partnerships through multilateral free-trade agreements. This means, for starters, strengthening the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – which includes Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam – such as by expanding its ranks. China and South Korea have expressed interest in joining. The Regional Comprehensive Economic Partnership – comprising the ten Asean economies, plus Australia, China, Japan, New Zealand and South Korea – should also be enhanced, through stronger trade and investment rules and, potentially, the addition of India. Given the Asia-Pacific's tremendous economic dynamism, more robust regional trade arrangements could serve as a powerful counterbalance to US protectionism. Asia has other options to bolster intra-regional trade. China, Japan and South Korea should resume negotiations for their own free-trade agreement. Japan and South Korea are a natural fit, given their geographic proximity and shared democratic values. The inclusion of China raises some challenges – owing not least to its increasingly aggressive military posture in the region – but they are worth confronting, given China's massive market and advanced technological capabilities. With the US putting economic self-interest ahead of democratic principles, Asian countries cannot afford to eschew pragmatism for ideology. Beyond trade, Asia must build on the cooperation that began after the 2008 global financial crisis. The Chiang Mai Initiative Multilateralisation, which provides liquidity support to its member countries (the Asean+3) during crises, should be strengthened. Moreover, Asian central banks and finance ministries should work together to build more effective financial-stability frameworks – robust crisis-management arrangements, coordinated policy responses and clear communication – to stabilise currency markets and financial systems during episodes of external volatility. Trump is not the only reason why Asia should deepen cooperation. The escalating trade and technology war between the US and China is threatening to divide the world into rival economic blocs, which would severely disrupt global trade and investment. But there is still time to avoid this outcome, by building a multipolar system comprising multiple economic blocs with overlapping memberships. By fostering economic integration, within the region and beyond, Asian countries would be laying the groundwork for such an order. In an age of geoeconomic fragmentation, Asian countries could easily fall victim to the whims of great powers. But by strengthening trade partnerships, reinforcing financial cooperation, enhancing strategic collaboration and building economic resilience, they can take control over their futures, and position Asia as a leading architect of a reconfigured global economy. @Project Syndicate, 2025
