Asean delegates mull financial services liberalisation
Asean delegates mull financial services liberalisation
Delegates from Asean member countries gathered in Vientiane yesterday to discuss the progress of financial services liberalisation in Asean and other related issues.
The 48th Working Committee on Financial Services Liberalisation (WC-FSL) was held yesterday and is set to end today.
The meeting was organised soon after the regional bloc declared the Asean Economic Community and set up a Strategic Action Plan (SAP) up to 2025.
“Therefore one of the meeting agendas today is to discuss the SAP for financial sector integration vision for 2025,” Director General of the International Cooperation Department under the Ministry of Finance, Mr Bounthom Lomany, said in his opening remarks.
He added that the meeting will also conclude the preparations for the signing of the 7th protocol, which will be signed by the Asean Finance Ministers in Vientiane in April 2016.
The key elements to be liberalised under the 7th Package include openings in the maritime sector, aviation and goods in transit insurance.
At the same time, delegates will further monitor bilateral negotiations on market access for Qualified Asean Banks under the Asean Banking Integration Framework.
To secure market access and a supportive regulatory environment for Asean's financial institutions to integrate into the global economy, delegates will continue to engage with dialogue partners as well as work towards the finalisation of financial service obligations, Mr Bounthom said.
WC-FSL is one of the Asean Finance and Central Bank Deputies' Working Group Series Meetings which is taking place in Vientiane from February 22-25.
Other series meetings include the Working Committee on Capital Account Liberalisation; Working Committee on Capital Market Development; Asean Finance and Central Bank Deputies' Working Group Meeting; Chiang Mai Initiative's Multilateralisation; Asean+3 Macroeconomic Research Office; and Asian Bond Market Initiative Working Group.
The role of the WC-FSL in the Asean Insurance Regulators' Meeting (AIRM) process has been continuing to increase and takes active measures to bring closer collaboration with the private sector through the Asean Insurance Council by establishing the Asean Insurance Forum (AIFo).
The AIFo will indentify linkages between the work of the AIRM and WC-FSL on insurance sector liberalisation and integration, and enable both platforms to improve coordination on priority sectors, such as cross-border supply of Marine, Aviation and Goods in International Transit insurance which Asean members have agreed to liberalise.
The WC-FSL has actively participated in the meetings with dialogue partners likes Asean+ Free Trade Agreements (FTAs), FTA+1 FTA and the Regional Comprehensive Economic Partnership.
It is important to have a common position for Asean as a group before meeting with dialogue partners as this would not only enhance the rule of consensus but also demonstrate the centrality of Asean, said Mr Bounthom.
