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ASEAN business advisory council proposes regional bank

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 Business Advisory Council (ASEAN-BAC) submitted proposals tothe 26th ASEAN Summit in Malaysia on April 26-27, highlighting the needto form a regional bank and remove non-tariff barriers before the ASEANEconomic Economy is formed by the end of 2015.

The ASEAN-BAC stressed the need to boost financial integration and liberalise professional services.

Speakingto the media following the 26th ASEAN closing ceremony, ASEAN-BACPresident Mohd Munir Abdul Majid said the regional bank will help microand small-and medium-sized enterprises (MSME) improve financial access.

TheASEAN MSME Bank will not only provide financial bases but also offerbanking investment solutions, including issuing credit notes and debtpapers.

Its capital is likely sourced from the governments, private sectors and investors outside the region, he said.

Onpriorities to integration, Mohd Munir Abdul Majid said policymakersshould pay more attention to transactions via the e-ASEAN as well ashealth 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
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