ASEAN Plus Three must focus on at least three issues, namely the food crisis, economic recession, and regional peace and security stability.
Jakarta (Indonesia Window) – Starting the agenda on the fourth day of his working visit to Cambodia, Indonesian President Joko Widodo attended the ASEAN Plus Three Summit which was held at the Sokha Hotel, Phnom Penh, Saturday.
In the 25th summit which consists of ASEAN leaders plus those of the People’s Republic of China (PRC), Japan and the Republic of Korea, President Widodo invited the ASEAN Plus Three leaders to work together to deal with the current crisis, the Indonesian Cabinet Secretariat quoted the president as saying in a written statement on Saturday.
“It was the APT (ASEAN Plus Three) that saved us from the 2008 global financial crisis. It was solidarity and cooperation that made the region’s economy survive. Now we are being tested again with a worse global crisis. I really believe that with the same spirit we can face the current crisis,” the president said.
According to President Widodo, the APT must focus on at least three issues, namely the food crisis, economic recession, and regional security and peace stability.
“First, a food crisis must be eluded, regional food security mechanisms must be strengthened, and APT emergency rice reserves must be increased,” the president said.
The head of state pointed out that sustainable rice production technology is absolutely necessary and production capacity must also be integrated with the logistics system of APT members in order to secure the supply chain and stabilize rice prices.
“Second, regional economic recession must be avoided and financial stabilization must be done. The synergy of various APT financial instruments must be carried out, especially the Chiang Mai Initiative Multilateralisation. When there is a threat of a financial crisis, this synergy allows us to get an early warning and liquidity support,” said the president.
The president also stressed the importance of strengthening national financial infrastructure through close coordination between financial institutions and central banks, increasing mobilization of domestic resources, and being careful in controlling inflation.
“Third, the regional stability, security and peace are absolutely necessary. Competition must be managed properly so that it does not turn into conflict, and international law must always be respected,” he said.
The head of state believes that if APT is able to do all of these things, then the region would continue to be the epicenter of growth.
Present at the 25th Asean Plus Three Summit were ASEAN leaders, PRC Premier Li Keqiang, President of the Republic of Korea Yoon Seok-yeol, and Japanese Prime Minister Fumio Kishida.
Meanwhile, accompanying President Widodo were the Coordinating Minister for Political, Legal and Security Affairs Mahfud MD, Coordinating Minister for the Economy Airlangga Hartarto, Minister for Foreign Affairs Retno Marsudi, and Minister for State Secretary Pratikno.
Reporting by Indonesia Window