For this reason, we have recently announced the expansion of our national membership to encompass all of the G20 countries, as well as Spain and the European Commission. The expansion of the FSF’s membership will enhance the FSF’s ability to contribute to ongoing reforms of the international financial system.
This integrated supply chain network would not have been possible without the second change I wish to point out, that is, trade liberalization, with the increase in FTA agreements between economies both inside and outside the region. This trade liberalization is most pronounced in the Korean and ASEAN economies. Intra-regional and cross-regional trade in ASEAN economies is growing much faster than the global average.