Hurt Biden ASEAN Announce FULL USE of Local Currency to Replace US Dollar Settlement丨 ASEAN Summit

The 42nd ASEAN Summit concluded in East Nusa Tenggara Province, Indonesia on May 11th, with the release of a declaration aimed at promoting regional payment connectivity and facilitating local currency transactions. The declaration seeks to strengthen financial resilience, deepen regional financial integration, and enhance regional value chains. ASEAN member countries recognize the potential benefits of using local currencies, and the declaration announced their commitment to utilizing emerging opportunities to promote seamless and secure crossborder payments in the region. The member states encourage the use of local currencies for crossborder transactions within the region and support the establishment of a dedicated working group to study the use of local currencies in trade. Prior to the summit, the Indonesian Employers Association (Apindo) had anticipated that Indonesia would take advantage of its chairmanship of ASEAN in 2023 to promote the region s dedollarization. Ajib Hamdani, the chairman