ASEAN Moving Closer to Creating Common Market

ASEAN is making substantial progress in creating a common market， a press release from the Philippine finance ministry quoted its chief as saying on Oct. 16.

Finance Secretary Carlos Dominguez voiced optimism that ASEAN， one of the world’s major growth drivers， will meet its timetable on economic integration as spelled out in the ASEAN Economic Blueprint 2025.

Dominguez was in Washington to attend the International Monetary Fund （IMF） managing directors’ roundtable meeting with ASEAN finance ministers and central governors.

The Philippines chairs ASEAN this year as the bloc celebrates its 50th anniversary. Dominguez spoke on behalf of his fellow ASEAN ministers during the meeting at the IMF headquarters.

Dominguez reported that average growth this year among ASEAN countries is expected to be 5 percent， driven by strong domestic consumption in each country’s economy.

In some ASEAN economies， he noted that faster growth is inhibited by higher inflation and weaker-than-expected trade flows， which， he added， “are short-term limitations” and could turn for the better once global growth picks up.