Leader of South East Nation (ASEAN) plus India, China, and Japan gather this weekend in Bangkok Thailand starting June 22 - 23 - Photo by ASEAN Secretariat Office

JAKARTA (TheInsiderStories) – Good Morning! Leaders of Southeast Nation Association plus India, China, and Japan (ASEAN+3) gather this weekend in Bangkok Thailand starting June 22 – 23. The leaders will discuss various issues around the region including trade agreement, economic cooperation and others.

The ASEAN+3 considered that despite a more challenging global environment, the region continues to be a key driver of global economic growth. In May, ASEAN Finance Ministers and Central Bank Governors, along with China, Japan, and South Korea, agreed on a preliminary framework to strengthen the regional currency swap agreements.

The deal aims to avoid over reliance on the US Dollar. The meeting centered on the Chiang Mai Initiative Multilateralization scheme, a multilateral currency swap arrangement among the 13 member states. They also reaffirmed to uphold the rules-based multilateral trading system and open regionalism, while resisting all forms of protectionism.

While, United States (US) President Donald Trump slammed Iran attacked on the American naval surveillance drone near the Strait of Hormuz as a big mistake. Iran’ Revolutionary Guard Corps has said they’re responsible to the the attack.

In the meeting with Canada’ prime minister Justine Tudeau in Washington on Thursday (06/20), Trump said he would press China’ president Xi Jinping to release two detained Canadians at the meeting at the G20 summit. Previously, Canada has arrested Meng Wanzhou, Huawei Technology’ chief financial officer over the Iran Sanction violation.

Followed the Federal Reserves decision yesterday, the controversial leader stated that he has the authority to replace Jerome Powell as Federal Reserve board chair. Powell earlier said he intends to serve his four-year term despite Trump’ criticism of the central bank for not doing enough to bolster the economy.

Furthermore, British’ ruling Conservative Party will pick the two candidates who will compete to succeed Theresa May as prime minister. Then, European Union Leaders are in Brussels since yesterday to identify a candidate to head the Commission.

In Indonesia, the General Election Commission presented IT Expert Marsudi Wahyu Kisworo, as an expert witness at the Constitutional Court trial on the 2019 presidential election disputed. For today, the panel of judges will hear witnesses from Joko Widodo – Ma’ruf Amin side.

While, Minister of Energy and Mineral Resources Ignasius Jonan proposed electricity subsidies in 2020 of Rp58.62 trillion (US$4.099 billion). The amount has fallen compared to what was agreed in the 2019 State Budget of Rp59.32 trillion.

He also proposed next year’ Indonesian Crude Price (ICP) price in the range of $ 60-70 per barrel. The range is quite wide due to global uncertainty. He said, this year ICP was set at $70 per barrel and the current average is only $63 a barrel.

On Thursday, oil prices rose after Iran announced it shot down US spy drone near the mouth of the Persian Gulf. It follows another missile attack in Saudi Arabia by Iranian-backed Yemeni rebels.

Indonesian Rupiah strengthened to 14,145 over the Greenback on yesterday’ trading from prior day ended at 14,290. This morning, the local currency open at 14,114 against the US Dollar.

US$1: Rp14,300

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia