ASEAN Leaders Declare War Against Human Trafficking, Promote Local Currency Transaction

 


The Association of Southeast Asian Nations gathering in Labuan Bajo, East Nusa Tenggara, for the 42nd ASEAN Summit produced a number of documents, including the declaration on combatting human trafficking due to technology abuse and promoting transactions using local currency settlement (LCS).

Indonesian President Joko Widodo, who is this year's ASEAN chair, called for unity in his opening speech of the high-level meeting at Meruorah Komodo, Labuan Bajo, today, May 10. He highlighted the global economy that has not yet fully recovered and rivalries and various challenges to global dynamics that are increasingly unpredictable.

The declaration documents stated cooperation and coordination against trafficking in persons (TIP) caused by misuse of technology through various regional mechanisms and ASEAN initiatives, including by increasing the capacity of law enforcement and related institutions of each member.

ASEAN leaders also agreed to advance regional payment connectivity by taking advantage of emerging opportunities brought by innovation to facilitate cross-border payment while taking country circumstances into consideration.

The use of local currencies for cross-border transactions in the region was also encouraged. The leaders further supported the establishment of a Task Force to explore the development of an ASEAN Local Currency Transaction Framework.

The 42nd ASEAN Summit which will be wrapped up on Thursday, May 11, 2023, discusses a number of issues such as regional economic growth, institutional strengthening, and efforts to overcome internal crises such as in Myanmar.

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