▲ Finance Minister Choo Kyung-ho speaks during the ASEAN+3 Finance Ministers and Central Bank Governors' Meeting held in Incheon, 27 kilometers west of Seoul, on May 2, 2023. (Yonhap)

ADB-ASEAN+3

ASEAN+3 meeting urges stronger financial safety net amid uncertainties

By Kang Yoon-seung

INCHEON, May 2 (Yonhap) -- Financial officials from South Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN) on Tuesday agreed on the need to enhance global financial safety nets in the face of economic uncertainties.

During the ASEAN+3 Finance Ministers and Central Bank Governors' Meeting, they also committed to strengthening regional financial cooperation through various platforms, including the Chiang Mai Initiative Multilateralisation.

The meeting took place in Incheon, 27 kilometers west of Seoul, on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank.

"The meeting recognizes that the ASEAN+3 financial cooperation has played an increasingly essential role in supporting regional economies to address risks and challenges," they said in a joint statement.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.

Participants also discussed the creation of a so-called "rapid financing facility", which will "allow the members to access financing to meet urgent balance of payment needs arising from sudden exogenous shocks, such as pandemics and natural disasters."

The officials reaffirmed their commitment to supporting "the open, free, fair, inclusive, equitable, transparent and non-discriminatory ruled-based multilateral trading system," amid concerns about the fragmentation of the global supply chains

The members also recognized the need to gradually lift COVID-19-related restrictions, considering the improved situation.

Closer intra-regional cooperation will also "further enhance the region's ability to secure post-pandemic growth, minimize scarring effects, and prepare for future shocks," they added.

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