Ms Paetongtarn Shinawatra Prime Minister of Thailand announced at the 3rd Asia Cooperation Dialogue (ACD) Summit in Doha on Thursday3) that next year Thailand will organise preliminary ACD high-level discussions on the financial architecture, exploring the possibility of creating a platform on financial cooperation, which include among other things, discussion on development of Asian-led and Asian-owned credit rating agencies, to provide more accurate assessments of financial stability.
This was long attempt of Thailand and Asia to build their own financial architecture.
Ms Paetongtarn said the role of ACD is more crucial than ever. Since its inception in 2002, ACD has been Asia’s first and only continental-wide framework that unites together all our diverse sub-regions.
“Thailand seeks to carry forward this very same idea into our chairmanship next year. We envision the ACD as a “converging forum of Asia”. For we believe that we are stronger because of our differences, not in spite of it.” Said the PM.
“As we assume the chairmanship of the ACD in 2025, allow me to reiterate once again that Thailand, as a bridge builder, looks forward to working with all member states to be an active promoter of peace and common prosperity. We believe that it is high time for us to join hands more firmly and warmly, especially for countries in the Global South, to enhance our collective impact on global economic stability and security.”
Thailand will work towards the revitalization: 6 pillars of cooperation
To enhance the frameworks of ACD collaborations, during the Thai chairmanship next year, we will work towards the revitalization of the activities under the 6 pillars of cooperation to achieve a more constructive and coherent socio-economic development for ACD members. As the next ACD chair and current prime mover of the pillar on inclusive and sustainable development, Thailand will work closely with other pillar prime movers to strategize and launch activities to be implemented under each pillar in a synchronized manner.
Promised to work in sync with other frameworks
Moreover, to work in sync with other frameworks of cooperation in the region, Thailand proposes that workingtowards strategically aligning the ACD’s efforts with similar groupings and fora, such as ASEAN, GCC, BRICS, CICA and SCO, for example through high-level ACD discussions.
“And if these challenges have taught us anything, it is that we need to ensure economic and financial stability to mobilisesustainable and inclusive socio-economic growth for our peoples. Both this and the painful experience from the 1997 Asian Financial Crisis make us believe in striking the “Balance of Financial Architecture”.
To achieve this, Ms Paetongtarn see the importance of revisiting the idea of a more balanced and resilient financial architecture, in support of the global agenda on Financing for Development.
Planned to discuss on development of Asian-led and Asian-owned credit rating agencies
To advance this agenda, next year under Thailand’s Chairmanship, Thailand will organise preliminary ACD high-level discussions on the financial architecture, exploring the possibility of creating a platform on financial cooperation, which include among other things, discussion on development of Asian-led and Asian-owned credit rating agencies, to provide more accurate assessments of financial stability, better align with the regional economic realities of our local markets, and reduce our dependency on external evaluations.
“At present, the world we live in is increasingly complex, fraught with challenges that demand global solutions. Geopolitical tensions and conflicts are rising, climate change is threatening global food security, and technological advancements are rapidly reshaping the way we live and do business.”
The 21st century is the Asian century: Forum of Asia
“It is often said that the 21st century is the Asian Century. As home to about 60 percent of the world’s population, generating over 35 percent of world GDP, and with 70 percent of international reserves and an economic growth rate of about 5.5 percent annually, we are both global energy and food security centers – the “powerhouse” and “kitchen” of the world.”
And it was with such spirit of cooperation and collaboration that Thailand sets forth next year with our chairmanship. It was, after all, our fervent determination to continue to forge stronger partnerships, with a sustained commitment to advancing the ACD’s agenda for a more resilient and more prosperous Asia. To prove that this is indeed the Asian Century, with ACD as the preeminent “Forum of Asia”, together driving forward our agenda – Asia’s agenda.
Relate News : นายกฯ ย้ำ บทบาทไทยในเวที ACD จะสร้างความร่วมมือระดับภูมิภาคพร้อมผลักดันวาระ “ศตวรรษแห่งเอเชีย”
