Empowering Collaboration to Shape ASEAN Economic Sustainability

FAEA 46^th Declaration

We, the leaders and participants of the 46th Federation of ASEAN Economic Associations (FAEA) conference held in Yogyakarta, Indonesia, on 17-18 November 2023, hereby declare the following:

1. FAEA highly appreciates the organization of this conference by PP ISEI (Indonesian Economic Association) as a member of FAEA, with the theme “Empowering Collaboration to Shape ASEAN Economic Sustainability”.
2. FAEA recognizes the importance of collaboration among ASEAN economies and other partners to create sustainable, resilient, and inclusive economic growth amidst global challenges such as the pandemic, climate change, geo-economic and geo-political competition.
3. FAEA supports the involvement of private sector initiatives, universities, research oganizations, associations, and government institutions to promote the advancement of sustainable economic practices.
4. FAEA encourages the enhancement of ASEAN connectivity through the development of physical, digital, and institutional infrastructure, and also supports the initiative of Regional Payment Connectivity (RPC), Local Currency Transaction (LCT) and the use of information and communication technology (ICT) to expand access, opportunities, and cross-border payments that are faster, cheaper, transparent, and inclusive for ASEAN communities, including small and medium enterprises (SMEs) and informal sector, as well as exchange of researchers and educators.
5. FAEA supports the effort to strengthen ASEAN economic integration through the implementation of the ASEAN Comprehensive Work Plan (ACWP) 2021-2025 and other initiatives, such as the Regional Comprehensive Economic Partnership (RCEP), ASEAN Single Window (ASW), and ASEAN Economic Community Blueprint 2025.
6. FAEA sees the importance of digital integration as one of the critical factors to drive ASEAN economies to compete more effectively, reduce the digital gap, and create a more inclusive ASEAN region.
7. FAEA encourages the sustainable production of quality food and the trade of goods across ASEAN countries that have been negatively affected by the climate crisis. Therefore, FAEA is committed to promote and advocate policies towards the environment and food security.
8. FAEA encourages economists and economic associations to conduct policy studies and the implementation of prudent economic policies to mitigate the turbulence that originates from outside the ASEAN region.
9. FAEA encourages the exploration of ideas and cooperation on complementary economic activities that affect Micro, Small, and Medium Enterprises (MSME’s), the global supply chain, the digital transformation, and the broader use of renewable energy sources.
10. FAEA encourages deepening people to people relationships across ASEAN to establish stronger understanding towards the creation of trust-based collaboration.
11. FAEA decided that in 2024 the 47th Federation of ASEAN Economic Association Conference will be held in Thailand.

November 17, 2023

Yogyakarta,  Republic of Indonesia

Indonesian Economic Association
Economic Society of Thailand
Malaysian Economic Association
Cambodian Economic Association
Economic Society of Singapore
Philippines Economic Society
Vietnam Economic Association