The ASEAN Business Advisory Council (ASEAN-BAC) submitted proposals to the 26th ASEAN Summit in Malaysia on April 26-27, highlighting the need to form a regional bank and remove non-tariff barriers before the ASEAN Economic Economy is formed by the end of 2015.
The ASEAN-BAC stressed the need to boost financial integration and liberalise professional services.
Speaking to the media following the 26th ASEAN closing ceremony, ASEAN-BAC President Mohd Munir Abdul Majid said the regional bank will help micro and small-and medium-sized enterprises (MSME) improve financial access.
The ASEAN MSME Bank will not only provide financial bases but also offer banking investment solutions, including issuing credit notes and debt papers.
Its capital is likely sourced from the governments, private sectors and investors outside the region, he said.
On priorities to integration, Mohd Munir Abdul Majid said policymakers should pay more attention to transactions via the e-ASEAN as well as health care, wooden and rubber products, farm produce, garment, fisheries, tourism and automatics.
The ASEAN-BAC said the infrastructure and mutual legal recognition are crucial to realising above proposals.
Source: VOV
Key words: ASEAN, business advisory council, propose, regional bank
