Kuala Lumpur: The First Meeting of the ASEAN+3 Working Committee has agreed to set the Priority Economic Deliverables (PEDs) for ASEAN 2025, which include increasing access to sustainable and fair climate transition financing, said the Ministry of Finance (MoF).

According to BERNAMA News Agency, the MoF stated that ASEAN PEDs will help accelerate the growth of a more robust, connected, and inclusive ASEAN capital market and promote the sustainability of inclusive immediate payments in ASEAN. Meanwhile, PEDs for ASEAN+3 include leveraging the full expertise of ASEAN+3 countries in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF); expanding the expertise of the ASEAN+3 Finance Think-tank Network (AFTN); and increasing the credibility of the Chiang Mai Initiative Multilateralisation (CMIM) through transitioning from pledge to paid capital and enhancing CMIM access.

The MoF further mentioned that this meeting was co-chaired by Malaysia and China on January 14-15, 2025, at PARKROYAL Langkawi Resort, Kedah. “This meeting was attended by 135 officials and delegation members from the finance ministries and central banks of ASEAN+3 member countries consisting of ASEAN, China, South Korea, and Japan,” said the ministry.

As co-chairs of the meeting, Malaysia was led by Deputy Treasury Secretary General (Policy) Datuk Zamzuri Abdul Aziz, while China was represented by Deputy Director-General of the Ministry of Finance, Zhang Minwen. Additionally, Bank Negara Malaysia was led by the Director of the International Department, Ida Harniza Johar, while the People’s Bank of China was led by Deputy Director-General, Chen Jing.

The MoF highlighted that among the other main points discussed and agreed upon was the proposal for Disaster Risk Financing (DRFI). The presentation of the DRFI Roadmap 2026-2028 aims to address regional vulnerability to natural disasters, along with a proposal to establish a new platform at the ASEAN+3 Finance Ministers level specifically to discuss fiscal policy.

Furthermore, there is a proposal to develop a Policy Adjustment Instrument (PAI) mechanism to help member countries improve the stability of their respective financial positions. “The matters agreed in this meeting will be further refined and discussed in the Second Meeting of the ASEAN+3 Working Committee scheduled for March 5-6, 2025, in Xiamen, China before being presented for approval at the Meeting of Finance Ministers and Central Bank Governors of ASEAN+3, which is scheduled in May 2025,” the ministry stated.