MANILA, Philippines—The Association of Southeast Asian Nations’ economic integration body called for “macroeconomic and financial cooperation” to fend off threats posed by rising consumer prices, particularly of food and energy.
In a statement issued at the close of the 18th Asean Summit held in Jakarta, the Asean Economic Community Council raised concern about rising inflationary pressures in Asean economies due to various global economic developments, including currency fluctuations.
“While commending the timely establishment of [an agreement called] Asean Food Security Framework and its medium-term Strategic Plan of Action, [we] called for coordinated regional macroeconomic and financial cooperation to mitigate [inflation] pressures,” said the council, which is composed of economic ministers from the region.
In a separate statement, Asean leaders including President Aquino underscored the importance of “complementing the [respective] domestic macroeconomic policy with regional macroeconomic coordination and financial cooperation, and accordingly tasked relevant ministers to continue such efforts.”
The move was made in view of downside risks of rising inflationary pressure and rapid inflow of capital, even as the Asean region “continued to lead [global economic] recovery.”
“We look forward to the full operation of the Asean Plus Three Macro Economic Regional Surveillance Office in Singapore, which is expected to play a crucial role in strengthening macroeconomic coordination and promoting financial cooperation at the regional level,” the leaders said.
Asean groups the Philippines, Indonesia, Thailand, Malaysia, Singapore, Brunei, Cambodia, Laos, Myanmar and Vietnam.
Asean +3 refers to the bigger forum that includes Japan, China and South Korea.
Also, the leaders said they agreed to enhance existing Asean priorities based on programs that increase productivity and production, while they would coordinate policies regarding pricing, stocks, export and import.
“We agreed to prioritize research and development as well as encourage greater investment in food industry toward a comprehensive implementation of the Asean Integrated Food Security Framework,” the leaders said.