Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah emphasised that the development of a sustainable finance framework is critical for attracting climate finance and driving sustainable investments towards building a more resilient ASEAN region.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew also welcomed Malaysia’s vision to strengthen the ASEAN Community through the chosen theme ‘Inclusivity and Sustainability’ noting its deep resonance with ASEAN’s shared aspirations for a resilient and prosperous region.
The minister made these comments joining ASEAN’s finance ministers at the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (12th AFMGM) and Related Meetings in Kuala Lumpur, Malaysia from April 7-10.
Managing Director of the Brunei Darussalam Central Bank (BDCB) Hajah Rashidah binti Haji Sabtu was also present.
The meetings began with dialogues between ASEAN finance ministers and representatives, as well as ASEAN Central Bank Governors with the ASEAN Business Advisory Council (ASEAN-BAC), ASEAN-European Union Business Council (EU-ABC), and ASEAN-United States Business Council (US-ABC).
The dialogues centred on advancing collaboration between the public and private sectors in light of geo-economic challenges. Discussions included driving sustainability, expanding connectivity, and leveraging digital transformation within ASEAN to foster the region’s long-term growth. ASEAN finance ministers, central bank governors and their representatives also engaged in a dialogue session with International Financial Institutions (IFIs), including the International Monetary Fund, the World Bank, the Asian Development Bank and the Centre of Economic Policy Research.
Developments in the global and regional economic outlook were presented to provide context for ASEAN finance ministers and Central Bank governors to discuss and exchange views on the latest trade policy developments shaping a more robust and resilient ASEAN region.
During the 29th ASEAN Finance Ministers Meeting, ministers explored ways to enhance ASEAN financial cooperation in various areas, including customs, taxation, insurance, infrastructure financing, treasury and public finance management. Ministers also emphasised the importance of streamlining cross-sectoral engagements within ASEAN cooperation to address cross-cutting issues related to energy, disaster, health, and food security.
The 12th AFMGM expressed support for Malaysia’s 2025 ASEAN Chairmanship priorities under the theme ‘Inclusivity and Sustainability’. The meeting also involved an exchange of views on strengthening cooperation in regional monetary and financial integration, as well as in sustainable finance.
Following the introduction of tariffs by the United States (US), including those announced on April 2 and the subsequent suspension on April 9, ASEAN economic ministers held a video conference to discuss recent developments and ASEAN’s common approach moving forward.
It resulted in the Joint Statement of the ASEAN Economic Ministers on the Introduction of Unilateral Tariffs of the US, issued on April 10.
In their joint statement, ASEAN anticipates remaining resilient despite ongoing external headwinds. However, they expressed concern over the recent announcement of additional tariffs by the US and their potential impact on ASEAN economies.
The uncertainties arising from the imposition of tariffs and potential retaliation could pose risks of heightened volatility in both capital flows and exchange rates. ASEAN affirmed that it is closely monitoring this situation and stands ready to address any resulting volatility.
ASEAN also reaffirmed its continued commitment to the open, inclusive, and rules-based multilateral trading system and to ASEAN’s economic integration. They stand ready to work constructively with all partners, including the US, to find balanced, forward-looking solutions that support a more resilient and sustainable global economy. ASEAN committed not to impose any retaliatory measures in response to the US tariffs.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew also paid a courtesy call on Malaysian Minister of Investment, Trade and Industry Datuk Seri Utama Tengku Zafrul bin Tengku Abdul Aziz to discuss bilateral economic and trade relations between Brunei Darussalam and Malaysia, as well as current issues impacting ASEAN economic and trade cooperation.
Both ministers reiterated the importance of close cooperation to reduce the impact of trade measures and in advancing mutual economic growth.
During discussions with the US-ABC, Dato Seri Setia Dr Awang Haji Mohd Amin Liew and the US-ABC delegation, led by Ambassador Brian McFeeters, Senior President and CEO, explored potential avenues for greater collaboration in the financial and digital sectors, building on existing ASEAN platforms. – James Kon
