ASEAN+3 agrees to boost finance, trade cooperation

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The officials made the decision during the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting held in Yokohama, Japan on May 5.

Finance leaders pose together at the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting in Japan.

In a joint statement after the meeting, finance leaders agreed to promote sustainable, balanced and inclusive economic growth by deploying all necessary policy tools independently or jointly, including monetary, fiscal policies as well as structural reform.

They also stated that the regional economy, while growing relatively fast, still faces downside risks caused by factors, such as protectionism and financial condition tightening.

They vowed to support open and rules-based multilateral trade and investment systems, and agreed to enhance the monitoring of capital flows and pay close attention to and address possible risks in the region.

The leaders also reaffirmed strengthening the role of the Chiang Mai Initiative Multilateralisation (CMIM) as part of the regional financial safety net and welcomed the fruits achieved in the first joint test run of the CMIM and the International Monetary Fund (IMF).

The CMIM, which took effect in 2010, was formed to address regional difficulties on balance of payment and short-term liquidity in the region in times of crisis.

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