ASEAN's current development model appropriate, says Abdul Wahid

ASEAN's current development model, which consists of three main pillars – political-security community, economic community and socio-culture community – fits well for the region, said Minister in the Prime Minister Department, Datuk Seri Abdul Wahid Omar.

"The European Union has its own set of model, which goes beyond a single market. They have single currency, European Parliament, European Court and others, which is not ASEAN's intention," he said.

He said ASEAN's current model was appropriate.

"I don't think we (ASEAN) want to go beyond that. We also don't believe in a single currency," he told reporters after delivering his keynote address at the Association of Chartered Certified Accountants President's Debate 2016 here today.

However, he acknowledged that ASEAN has its own set of challenges that needed to be addressed for its development model to be more effective, which included strengthening institutions such as the ASEAN Secretariat.

Currently, the Jakarta-based secretariat only has 300 staff.

"Perhaps we can strengthen it with more funding and resources (which will in turn help) drive all the initiatives (to grow the region) better," he said.