But what is the ideal institutional structure that would allow us to update, change and simplify these rules? This is a timely question. Less than a month and a half ago, the UK exited the EU. The implementation period is due to last until the end of this year. While we are in the implementation period, the Government and the regulators will continue to onshore any new financial regulations and standards coming from the EU that take effect this year. And at the end of the implementation period, the UK will be left with the same complex set of EU law and regulations onshored in a way that replicates the rather unique way the EU – as a supranational institution – the area of financial services. The technical detail of the prudential requirements will sit in a dispersed variety of places: primary legislation, a range of statutory instruments, on-shored binding technical standards, and PRA rules and guidance. This ‘patchwork’ naturally makes the framework difficult for firms to navigate – particularly smaller firms with more limited resources to devote to compliance. It is partly for that reason that the previous Chancellor Philip Hammond announced in the 2019 Spring Statement that HM Treasury will be reviewing the post-exit regulatory framework.
A significant step forward came last month when our respective Trade Ministers announced a target for bilateral trade of USD30 billion in the coming years. This is a doubling of USD13.8 billion recorded in 2016. I strongly believe that this target is very much achievable and with the closer banking relationship our trade will further flourish. Reflecting on our journey towards ASEAN integration Our partnership in ASEAN marks another integral part of our long standing and deep relationship. There is always the risk that many may take ASEAN integration for granted. If we reflect closely on our journey and how far we have come, is not by mere coincidence. It is a culmination of the collective vision, commitment and conviction to realise the benefits from deeper integration. Where we stand today is the true embodiment of the spirit of ASEAN of mutual trust and close cooperation. We continue to believe that this is the path forward for our region, and one that requires us to further deepen our strong ties to meet the challenges of the future. This occasion is also a testament to the leadership of Indonesia and Malaysia and the excellent working relationship between the two countries. It gives me great pleasure and satisfaction to see many familiar faces today who have been instrumental in realising this efforts, especially Pak Muliaman and Pak Wimboh. For those who are not aware, we go back a long way.