ASEAN to Use Local Currency in Trade

Jakarta, MINA – Indonesian Minister of Foreign Affairs Retno Marsudi said ASEAN countries agreed on a commitment to use local currency in trade transactions and connectivity of payment mechanisms in the region.

“In the meeting between the Minister of Finance and the ASEAN Central Bank, it was agreed on the commitment of ASEAN countries to use local currency and expand the connectivity of payment mechanisms (regional payment connectivity),” said Retno at a Press Conference in Jakarta on Wednesday.

The Foreign Minister explained that the use of ASEAN countries’ currencies was agreed to strengthen financial stability in the region.

In addition, ASEAN countries also agreed to develop an electric vehicle ecosystem in the region.

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The plan, said Retno, was that the agreement on the development of the electric vehicle ecosystem would be ratified at the 42nd ASEAN Summit in Labuan Bajo this coming May.

These agreements are the result of Indonesia’s first three months holding the Chair of ASEAN 2023.

Retno said, from January to the end of March 2023, 190 meetings had been held at various levels out of the 531 meetings recorded in Indonesia’s Chairmanship Calendar in ASEAN.

Meanwhile, in terms of the development of substance discussion, said Retno, there are three big pillars that have been discussed, namely ASEAN Matters, Epicentrum of Growth and ASEAN Outlook on the Indo-Pacific (AOIP). (L/RE1)

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Mi’raj News Agency (MINA)