[ASEAN encourages expansion of cross-border settlement experts in local currencies: de-dollarization has become a global trend] according to a report by Vietnam News Agency on May 12th, in order to promote regional economic integration, leaders of the Association of Southeast Asian Nations (ASEAN) issued a group declaration on promoting regional payment interconnection and promoting local currency transactions during the 42nd ASEAN Summit. According to the declaration, countries recognize the potential benefits of using their currencies in strengthening financial flexibility, deepening regional financial integration and strengthening regional value chains. Countries have declared their commitment to taking advantage of emerging opportunities to promote regional payment connectivity and to strengthen seamless and secure cross-border payments. ASEAN members encouraged the use of local currencies for cross-border transactions within the region and supported the establishment of a panel to study transactions in local currencies. Before the summit, the Indonesian employers' Association (Apindo) had expected Indonesia to take advantage of the rotating ASEAN presidency in 2023 to promote regional dollarization. De-dollarization has become a global phenomenon and, to some extent, an economic direction, Ajib Hamdani, head of the Apindo's economic policy analysis committee, said in an official statement. (overseas network)