ASEAN+3 agrees to boost finance, trade cooperation
Finance leaders of the Association of Southeast Asian Nations (ASEAN) and Japan, China and the Republic of Korea agreed to enhance regional finance cooperation and support multilateral trade.
Finance leaders pose together at the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting in Japan. (Photo: Xinhua/VNA)
Hanoi (VNA) – Finance leaders of the Association of Southeast AsianNations (ASEAN) and Japan, China and the Republic of Korea agreed to enhanceregional finance cooperation and support multilateral trade and investmentsystems.
The officials made the decision during the 20th ASEAN+3 Finance Ministers’ andCentral Bank Governors’ Meeting held in Yokohama, Japan on May 5.
In a joint statement after the meeting, finance leaders agreed to promote sustainable,balanced and inclusive economic growth by deploying all necessary policy toolsindependently or jointly, including monetary, fiscal policies as well asstructural reform.
They also stated that the regional economy, while growing relatively fast,still faces downside risks caused by factors, such as protectionism andfinancial condition tightening.
They vowed to support open and rules-basedmultilateral trade and investment systems, and agreed to enhance the monitoringof capital flows and pay close attention to and address possible risks in theregion.
The leaders also reaffirmed strengtheningthe role of the Chiang Mai Initiative Multilateralisation (CMIM) as part of theregional financial safety net and welcomed the fruits achieved in the firstjoint test run of the CMIM and the International Monetary Fund.
The CMIM, which took effect in 2010, was formedto address regional difficulties on balance of payment and short-term liquidityin the region in times of crisis.-VNA
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Finance leaders pose together at the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting in Japan. (Photo: Xinhua/VNA)
