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A comparative study on Labour Dimensions in Trans Pacific Partnership (TPP) and Regional Comprehensive Economic Partnership (RCEP), with special focus on finance sector was discussed at the 10th UNI Apro ASEAN Bank Unions Council [ABUC] meeting held on 21st October 2016, in Kota Kinabalu, Sabah, Malaysia.

John West, Executive Director of Asian Century Institute presented a paper highlighting the positivity in the labour chapters in TPP and the deficiencies reflected in the RCEP.   The knowledge sharing session which preceded the ABUC meeting reviewed the pros and cons of the financial integrations taking shape with the launch of the ASEAN Economic Community, and the proposed regional economic integrations covering some member countries in the region.

Catherine Jikunan, Acting President of ABUC, welcomed participants to the meeting from banking unions from, Indonesia, Malaysia, Philippines and Singapore in ASEAN.  The meeting was organized in Kota Kinabalu, Sabah in conjunction with the 50th anniversary celebrations of Sabah Banking Employees’ Union (SBEU). Catherine also welcomed the participants to the ABUC meeting and thanked the guest the officials of the Ceylon Bank Employees’ Union from Sri Lanka for joining to celebrate the golden jubilee of SBEU.

Christopher Ng, UNI Apro Regional Secretary shared his insights stressing on the heavy responsibilities of trade unions in transforming a people-centered economic advancement in the ASEAN economic community. He said that the ASEAN has recognized ASETUC a mechanism initiated by the three global union federations namely, BWI, PSI, and UNI  as a credible  social dialogue partner promoting the interest of labor in the services sector.  In addressing the widening inequality in the region, a rational regional minimum wage is being considered in ASEAN; Christopher said UNI Apro will support a concept plan put forward by Oxfam and academia for a regional minimum wage. 

Prof. Rene Ofreneo presented summarized outcomes of the ASEAN Finance Sector forum held in Kuching in September 2016, inviting the ADB to take the lead in introducing an appropriate regulatory and supervisory system for a stable finance industry in ASEAN.    

The council agreed on a work plan for 2017, resolving to initiate a dialogue with ADB expressing hope for the bank to persuade member countries in ASEAN to comply with a social compact for sustainable finance in the region.