ASEAN Is Reforming The Way It Trades By Increasing Use Of Local Currencies To Ensure Stability - PM Anwar

KUALA LUMPUR, July 5 (Bernama) --  ASEAN has taken steps to reform the grouping by not only increasing trade among the member countries but also the use of local currencies in trade as a concrete way toward a more stable financial system free of unilateral domination, Prime Minister Datuk Seri Anwar Ibrahim said today.

“Of course, we are not talking about de-dollarisation yet,  that’s still a long way to go. But at least we are trying. Malaysia, together with Indonesia, Thailand, and China, we are beginning to use our currencies, even if it starts with just 10 or 20 per cent of the trade volume.

“It makes a difference because we cannot keep complaining without executing our plans, both among ourselves and with our friendly neighbours,” he said at the BRICS Business Forum entitled: ‘Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress’ in Rio De Janeiro, Brazil today.

Also present were Brazilian President Luiz Inácio Lula da Silva, Vice-President Geraldo Alckmin and Brazilian Confederation of National Industry (CNI) president Ricardo Alban.

Anwar stressed that Southeast Asian nations must uphold the principle of centrality, befriending all and supporting just causes, while moving beyond rhetoric, political platitudes and empty statements through concrete action.

He also noted that emerging economies are gaining strength in areas such as aviation, technology, artificial intelligence and food innovation. 

“I believe that this attempt by BRICS will be of some significant success that would alter and cause a change in the course of the history of mankind.

“We often discuss similar issues within ASEAN. We must be cohesive and speak as one based on multilateral arrangements," said Anwar. 

The Prime Minister also emphasised that BRICS and ASEAN members must continue to strengthen strategic cooperation, including enhancing cross-regional trade and investment for the shared benefit of developing countries.

-- BERNAMA