The Inaugural Meeting Of The ASEAN+3 Working Committee Has Approved The ASEAN Economic Community (AEC) Blueprint 2025

ANTARA/HO-Kementerian Keuangan Malaysia

The Inaugural Meeting Of The ASEAN+3 Working Committee Has Approved The ASEAN Economic Community (AEC) Blueprint 2025

Friday, 17 Jan 2025

The inaugural meeting of the ASEAN+3 Working Committee has approved Malaysia's proposal for the establishment of Priority Economic Deliverables (PEDs) for ASEAN 2025.

The Ministry of Finance of Malaysia, in a statement released in Putrajaya on Wednesday, indicated that the meeting, held in Langkawi, Kedah, has endorsed both the ASEAN PEDs and the ASEAN+3 PEDs.

ASEAN+3, or ASEAN Plus Three (APT), represents an economic collaboration among ASEAN member states and Japan, China, and South Korea. This initiative emerged in response to the 1997 Asian financial crisis and has evolved into a broader framework for cooperation across economic, political, security, and socio-cultural dimensions.

The Priority Economic Deliverables for ASEAN 2025 under Malaysia's chairmanship include, firstly, enhancing access to funding for a sustainable and equitable transition to climate resilience in ASEAN. Secondly, accelerating the growth of a more sustainable, interconnected, and inclusive ASEAN capital market.

Thirdly, promoting inclusive instant payment systems within ASEAN.

For ASEAN+3 2025, the Priority Economic Deliverables include, firstly, full membership of ASEAN+3 countries in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF). Secondly, the expansion of membership in the ASEAN+3 Financial Think-Tank Network (AFTN).

Thirdly, enhancing the credibility of the Chiang Mai Initiative Multilateralisation (CMIM) by transitioning from commitments to paid-in capital. Fourthly, improving access to CMIM.

The CMIM is a regional financial assistance facility designed to address balance of payments difficulties and short-term liquidity needs, complementing existing international funding mechanisms.

The first meeting of the ASEAN+3 Working Committee was co-chaired by Malaysia and China from January 14 to 15, 2025, and was attended by 135 officials and delegates from the Ministries of Finance and Central Banks of ASEAN+3 member countries, which include ASEAN, China, South Korea, and Japan.