ASEAN Economic Ministers (AEM) expressed confidence that the region's economies will maintain their momentum in 2015 despite the global economic and geopolitical challenges
ASEAN Secretariat News
On February 28 - March 1, 2015 21st ASEAN Economic Ministers' Retreat was held. The participants expressed confidence that the region's economies will maintain their momentum in 2015 despite the global economic and geopolitical challenges. They emphasised that the deepening economic integration in the region would serve as a buffer in helping ASEAN progress and prosper.
"We expect ASEAN's economicperformance to improve in 2015 to 5.1%, above the 3.5% global growthprojection. We based this on the stronger demand in advanced economies,energised by the robust US recovery and several policy stimulus measures in theEurozone and Japan. Also, the region's domestic demand could get a furtherboost from falling oil prices with higher purchasing power for consumers, lowerinput costs for producers and greater fiscal space," the Ministers said.
They cautioned, however, thatfalling oil prices could affect export earnings and government revenue for netoil-exporting economies in ASEAN. The Ministers also highlighted the concernposed by currency volatility, including possible capital flow reversals.
The Ministers highlightedthat the focus for this year would be on further simplification of Customsprocedures, harmonisation of standards, further liberalisation of services, enhanced trade facilitation, and conclusion of the services and investmentsportion of the ASEAN-Japan Comprehensive Economic Partnership.
The Ministers welcomed the strongcontribution of the private sector to the work of the AEC.They reaffirmed the value of regular consultations and directedofficials to review the recommendations of the ASEAN Business Advisory Counciland other private sector organisations, with a view to further fostering and facilitating trade and investment opportunities in the region and beyond.