The 11th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) held in Luang Prabang, Laos established a new vision for the ASEAN Single Window that aims to facilitate connectivity and electronic exchange of trade documents.
“The meeting noted the progress of Priority Economic Outcomes (PEDs) on the technical study of the New Generation ASEAN Single Window (ASW) with the aim of setting a new vision for the ASW to be more open, inclusive, and interoperable,” said a joint statement of the 11th AFMGM received by Indonesia Window here on Sunday.
The study on the technical review of the new generation of ASW will also complement the main objective of the Bandar Seri Begawan Roadmap for ASEAN to accelerate initiatives in trade facilitation and digitalization.
This is in line with the objectives of the ASEAN Digital Economy Framework Agreement (DEFA) which aims to create a seamless digital trade ecosystem across the region.
The meeting also exchanged views with the ASEAN+3 Macroeconomic Research Office (AMRO), Asian Development Bank (ADB), World Bank and International Monetary Fund (IMF) on the global and regional economic outlook, risks and challenges in the region.
Although the ASEAN economy was projected to strengthen to 4.9 percent by 2024 which was later revised downward based on the latest projections, portraying greater headwinds for the ASEAN economy.
Nevertheless, the region’s economic performance was better than expected on the back of strong domestic demand and increased investment activity amid moderating inflation.
Export performance in most ASEAN countries also improved amid low global commodity prices and sluggish global demand. Meanwhile, the anticipated return of the tourism sector to pre-pandemic levels is expected to boost the region’s economic growth.
Finance Ministers and Bank Governors also recognized the risks that still tend to be to the downside, particularly due to the adverse financial impact of geopolitical tensions, global commodity price instability, and weakening economic growth in China.
Other structural issues, including climate change, rapid digitalization, and an aging population will continue to affect economic development in the ASEAN region. A stronger regional economy, through strengthened integration and connectivity within ASEAN is essential to cope with the challenging global environment.