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. 2/7

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