We are still studying how to realize the risk financing and the financing mechanism as part of natural disaster management
Nusa Dua, Bali (ANTARA News) - ASEAN is determined to strengthen economic cooperation and commitment among its members by increasing investment in human resources, technology and capital in pursuit of strong and sustainable growth.

"Integrity among ASEAN member states will increase production efficiency and consumption and accelerate investment growth to achieve strong and sustainable growth," acting chief of the Fiscal Policy Board of the Finance Ministry Bambang Brodjonegoro said as he read out the outcome of the ASEAN finance ministers meeting here on Friday.

To that end, coordination and cooperation were important to create an ASEAN economic community by 2015 as well as to serve as a strategy to address the slow global economic recovery, he said.

As the connectivity among ASEAN members was well integrated, the meeting also agreed on the formation of ASEAN Integration Monitoring Office (AIMO) to serve as a performance supervisory institute as well as to facilitate the creation of ASEAN economic community by 2015, he said.

With regard to customs cooperation, the meeting also agreed to always evaluate the implementation of ASEAN Single Window, he said.

"We encourage customs authorities of each ASEAN member state to support the initiative of ASEAN single market and production basis by continuing to review the existing agreements and protocols," he said.

The meeting proposed the formation of ASEAN Forum in Taxation as an initiative to strengthen cooperation in the taxation sector, he said.

Bambang said the meeting also proposed a fiscal stimulus in the form of insurance as part of efforts to mitigate the impact of natural disasters.

"We are still studying how to realize the risk financing and the financing mechanism as part of natural disaster management," he said.

ASEAN finance ministers meeting is held every year in the first week of April. The host of such meeting is rotated among ASEAN member states.

The meeting is aimed at accelerating cooperation and dialogs on the policies of ASEAN member states in the economic and financial fields in an effort to strengthen regional financial system, develop effective financial market and contribute to sustainable economic growth. (*)

Editor: Aditia Maruli Radja
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