Joining the ASEAN Community and efforts to use regional currencies instead of the dollar

  Following the signing of a financial agreement between Indonesia, Malaysia and Thailand, the local currencies of those countries will now be used in the trading markets of the Association of South East Asia (ASEAN). The governors of the central banks of Indonesia, Malaysia and Thailand, on the sidelines of the meeting of the Finance Ministers of the member countries of the Southeast Asian Association (ASEAN) in Jakarta, the capital of Indonesia, have signed an agreement to officially start using the currency of their countries in commercial exchanges and thus eliminate the use of the US dollar in the commercial markets of the community. Indonesia, which currently holds the rotating chairmanship of the Association of Southeast Asian Nations (ASEAN), has established a system of LCT cooperation with ASEAN member countries. The LCT Agreement was signed between the ten member countries of the Association of ASEAN Countries and China, Japan and South Korea, for expanding regional financial cooperation.

One of the important provisions of the agreement is to promote the use of local currencies and reduce dependence on the US dollar. In this regard, Bima Yadhastara, the director of the Indonesian Center for Economic and Legal Studies, who is also a prominent expert on the country's economic affairs, believes that Jakarta's chairmanship of the Southeast Asian Nations Association ASEAN this year 2023 is a good opportunity to promote the use of national funds in commercial transactions, within the framework of the LCT agreement. Before that, other important communities such as Eurasia, the Shanghai Cooperation Organization and BRICS have emphasized their determination to remove the dollar from regional trade transactions. Flags of ASEAN member countries Several South and Central American countries have also been making efforts to eliminate the use of dollars in their commercial transactions. Expanding cooperation with new countries is said to be one of the most important plans of the Indonesian government during the country's chairmanship in the ASEAN Community. Considering the redoubled efforts made by different countries in the world with the aim of removing the US dollar from regional trade activities, many experts believe that following the signing of the recent agreement to remove the US dollar from regional trade exchanges, the issue will strengthen rapid use of regional currencies in the wider circulation of trade exchanges of member countries of the ASEAN Community.

The leaders of the 10 member countries of the ASEAN Community recently launched a system of electronic payments at the border using their regional currencies. According to statistics recently published by the International Monetary Fund (IMF), following the adoption by many countries of the world of plans to remove the dollar from financial cycles, the dollar's share in foreign currency reserves in the world decreased from 71 percent in 2000 to 58 percent in past 2022. Studies show that the implementation of the strategy to eliminate the dollar in regional and international transactions requires a chain of international money distribution. If many countries turn to the use of local currencies instead of dollars and euros in their businesses, the positive results of the issue will undoubtedly benefit member countries of regional communities that oppose the expansionist and unilateral policies of the United States, including the ASEAN community. Publications of statistics by the International Monetary Fund also show that the American economy is facing great risks due to the removal of the dollar from the commercial activities of various countries in the world. It is obvious that continuing the process will cause fundamental damage to the American economy and thus prepare the environment for the economic collapse of that imperialist country in the world.