SEOUL, Nov 28 — Vice finance ministers of South Korea, China, Japan, and Asean have agreed to strengthen regional cooperation to address uncertainties and create new growth opportunities.
Yonhap News Agency reported that the consensus was reached during the Asean+3 Finance and Central Bank Deputies' Meeting in Hong Kong on Wednesday (November 26) and yesterday, according to Seoul's Economy and Finance Ministry today.
South Korea sent Deputy Finance Minister Choi Ji-young as its chief delegate.
During the meeting, major economic organisations like the International Monetary Fund (IMF) and the Asian Development Bank (ADB) assessed that while the regional economy is performing better than initially expected, long-term growth is projected to slow.
The organisations also cited lingering downside risks, including global protectionism, fiscal vulnerabilities, financial market volatility, and potential adjustments to investments in artificial intelligence.
Member countries agreed with such assessments and emphasised the need to strengthen cooperation across trade, investment and finance to mitigate uncertainties and foster new growth opportunities.
Officials also highlighted the importance of short-term measures to stabilise foreign exchange and financial markets, alongside structural reforms to boost long-term productivity.
Participants also discussed ways to further develop the Chiang Mai Initiative Multilateralisation (CMIM), a US$240 billion (RM991.3 billion) currency-swap arrangement established in 2010 as a regional financial safety net.
The ministry added that the meeting focused on restructuring the CMIM to a paid-in capital framework.
Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste.
