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Jakarta Post

Economy in brief: House approves ASEAN banking protocol

  • The Jakarta Post

Jakarta   /   Thu, April 12 2018   /  02:14 am

Lawmakers of the House of Representatives Commission XI on financial affairs have agreed to ratify a protocol to implement the Sixth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services (AFAS) on Wednesday.

All 10 factions at the commission have agreed to ratify the ASEAN protocol into Indonesian law, pending further confirmation at the House’s plenary session.

The adoption of the protocol into law will subject Indonesia to open its banking industry to other ASEAN member countries, allowing ASEAN banks to operate within Indonesia and vice versa.

The ratification was a follow up from an agreement signed in 2015 by then-finance minister Bambang Brodjonegoro, along with his counterparts from other ASEAN countries, to commit to implementing AFAS.

Finance Minister Sri Mulyani Indrawati said the government hoped the adoptio...