The AMF, which was proposed by Japan to combat the 1997 Asian financial crisis, was meant to strengthen the buffer against economic crises affecting member states, Bernama reported.
“We cannot have the international infrastructure being decided by outsiders. We can work with them but we should have our own domestic, regional and Asian strength.
“Not necessarily to compete but to have a buffer zone (against economic crises),” he was quoted as saying.
He said the region stands to gain substantial benefits from any revision to the proposed AMF.
Speaking at the “Future of Asean” lecture organised by the Malaysian-Thai Chamber of Commerce, in Bangkok, Anwar proposed that the AMF also include countries such as China, Japan and South Korea.
The AMF proposal by Japan in 1997 did not materialise following opposition from the United States, and China’s reluctance to support it.
Meanwhile, Anwar said Asean nations should collaborate with each other for mutual economic benefits.
“Asean nations tend to compete with one another. For example, in the automotive industry, with Indonesia, Malaysia and Thailand all competing to build cars.
“This was due to each nation’s fierce independence and protectionist policies of the 1990s.
“It is a better approach that each country focus on a single type of vehicle. For instance, Malaysia could have built cars while Indonesia and Thailand could focus on buses and trucks,” he said, according to Bernama.
Anwar said it was also unfortunate that the Asean member countries have to grapple with the problem of China and the United States.
“There is little we can do other than ensure we remain fiercely independent when engaging with China and the US. In that way, we can benefit from any new arrangements, new facilities, in order to positively affect the vast majority of our people.
“The Asean FTA and all other initiatives, which have been ongoing, acknowledge the vast number of successes.
“Therefore, we should push trade and investment by using comparative advantage,” he said, according to Bernama.