The ASEAN Business Advisory Council (ASEAN-BAC) submitted proposals to
the 26th ASEAN Summit in Malaysia on April 26-27, highlighting the need
to form a regional bank and remove non-tariff barriers before the ASEAN
Economic Economy is formed by the end of 2015.
The ASEAN-BAC stressed the need to boost financial integration and liberalise professional services.
Speaking
to the media following the 26th ASEAN closing ceremony, ASEAN-BAC
President Mohd Munir Abdul Majid said the regional bank will help micro
and small-and medium-sized enterprises (MSME) improve financial access.
The
ASEAN MSME Bank will not only provide financial bases but also offer
banking investment solutions, including issuing credit notes and debt
papers.
Its capital is likely sourced from the governments, private sectors and investors outside the region, he said.
On
priorities to integration, Mohd Munir Abdul Majid said policymakers
should pay more attention to transactions via the e-ASEAN as well as
health care, wooden and rubber products, farm produce, garment,
fisheries, tourism and automatics.
The ASEAN-BAC said the infrastructure and mutual legal recognition are crucial to realising above proposals.-VNA