6. At the same time, the Meeting remains vigilant in monitoring the downside risks and will be ready to
use all the available policy tools and a wide range of measures to ensure an inclusive, sustainable, and
resilient recovery and maintain financial stability in the region. The Meeting will cautiously and gradually
normalise the expansionary policy measures, while mitigating the risks to safeguard the recovery
process.
7. The Meeting continues to deepen our collaboration with AMRO in regional economic and financial
research and surveillance, capacity building and data and information sharing through our forthcoming
ASEAN Secretariat-AMRO Cooperation on Financial Integration.
Financial Integration and Liberalisation
8. The Meeting welcomed the notable progress in financial services liberalisation initiatives, including the
ongoing negotiations on the upgrade of the Annex on Financial Services of the ASEAN-Australia-New
Zealand Free Trade Agreement (AANZFTA). The Meeting recognises the potential contribution of the
AANZFTA not only to our regional integration, but more significantly to our post-pandemic recovery.
9. The Meeting encouraged our finance officials to expedite efforts to foster financial services
liberalisation in the region, particularly in (a) completing the signing of ASEAN Framework Agreement on
Services (AFAS) Package 9 Protocol at an appropriate time; (b) transitioning from the AFAS to ASEAN
Trade in Services Agreement (ATISA) Non-Conforming Measures (NCMs) with the agreed workplan; (c)
commencing the financial services negotiations on the ASEAN-Canada FTA as well as (d) upgrading the
AANZFTA, including incorporating elements that would help ensure the resilience of financial stability,
promote digitalisation, and generate new and financially meaningful opportunities to the financial sector.
10. The Meeting also acknowledged the two capacity building activities to support the work under the
Working Committee on Financial Services Liberalisation (WC-FSL) namely (i) Investor State Dispute
Settlement on Financial Services (ISDS-FS); and (ii) Marine, Aviation and Goods in Transport (MAT)
Insurance to further strengthen our competencies in engaging with our Dialogue Partners.
11. The Meeting welcomed the completion of the study on AMS’ Financial Landscape Toward Furthering
ASEAN Banking Integration in the Digital Era which provides recommendations to the Working
Committee on ASEAN Banking Integration Framework (WC-ABIF) to maximise benefits of financial
digitalisation while minimising associated risks by further assessing the impact of digitalisation on the
financial sector and how the current ABIF Guidelines and related frameworks can adapt to the new
landscape.
12. The Meeting acknowledged the significant progress of the ASEAN Capital Market Forum’s (ACMF)
implementation of its ACMF Action Plan 2021-2025, particularly on its Phase 2 Action Plan 2021-2025
that includes: (i) driving higher levels of transparency and disclosure, (ii). Continuing with regulatory
harmonization, (iii). Intensifying capacity building, (iv). Amplifying communication and building awareness
(v). Strengthening cooperation and coordination. The Meeting welcomed the effort of ACMF to develop
the ASEAN Collective Investment Scheme (ASEAN CIS) Digital Repository which will become a platform
to promote and publicize cross-border offerings of funds in ASEAN. The Meeting also noted the
continued development of the ASEAN Corporate Governance Scorecard and look forward to the ASEAN
Corporate Governance Awarding Ceremony in September 2022.
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