Further integration and economic growth in Asean should not focus on
liberalisation alone, but also take into account inclusivity and poverty, two
issues that need more attention across the region, said Indonesian Finance
Minister Mahendra Siregar.
"We have reduced tariffs,
opened up the services and capital market, but this is a time where the
integration of the Asean Economic Community (AEC) will need to take into
account the issue of inclusiveness. It has to address equity challenges within
countries and among countries," Mr Siregar told the Bangkok Post.
He said expanding the AEC agenda
will make the initiative more sustainable, given that liberalisation usually
benefits large businesses and only certain groups.
Asean needs to promote the agenda
of inclusivity, including those who have not benefited from recent growth or
those still below the poverty line and who lack access to financial capital.
"I think it is important to
take note that in regional integration, not only is it important to bring
growth, but also create a region of greater peace and stability," Mr
Siregar said, pointing to the success of the European Union in maintaining
peace within the continent over the past several decades.
Asean governments individually
are doing their part towards maintaining peace and stability, but not in the
most optimal way.
"We should hold discussions
within Asean on this matter, as it still needs further work," said Mr
Siregar.
He said Indonesia's trade, once
mostly with the US, Japan, Europe and other advanced economies, now sees over
half of total exports going to emerging markets.
Mr Siregar said Asean should also
take steps to strengthen the regional banking and financial sectors in addition
to supporting long-term interdependence.
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