The 18th ASEAN Plus Three Finance Ministers’ and Central Bank Governors’
Meeting (AFMGM+3) has reaffirmed the commitment to strengthening the
region’s economic environment through continuing regional financial
cooperation.
Malaysia’s Bernama news agency reported that the
Finance Ministers and Central Bank Governors of ASEAN, China, Japan and
the Republic of Korea (ASEAN+3) met in Baku, Azerbaijan, on May 3 under
the co-chairmanship of Malaysia, which serves as Chair of ASEAN this
year, and the RoK.
“Member countries are committed to
strengthening the region’s economic environment and responses to
external shocks through continuing regional financial cooperation as
discussed and finalised at the 18th AFMGM+3 here,” Malaysian Minister of
Finance II Datuk Seri Ahmad Husni Hanadzlah was quoted by Bernama as
saying at a press conference the same day.
According to the
minister, member countries have reviewed the progress of regional
financial cooperation achieved since the last meeting, including the
Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic
Research Office (AMRO), the Asian Bond Markets Initiatives (ABMI),
Future Priorities and ASEAN+3 New Initiatives.
The RoK’s Deputy
Prime Minister and Minister of Strategy and Finance, Kyunghwan Choi
said the ASEAN+3 remains committed to ensuring that the CMIM is
operationally ready, as well as to further strengthening the mechanism
as an essential part of the regional financial safety net.
He
also said the meeting acknowledged AMRO’s steady development as an
independent surveillance organisation for the region, and welcomed its
continuous efforts to improve the quality of its surveillance
activities.
Choi said the meeting also recognised the progress
of the ASEAN+3 Multi-currency Bond Issuance Framework (AMBIF), with the
first AMBIF pilot issuance expected in the first half of this year.
Member
countries have also endorsed non-binding high-level guiding principles
for macro-prudential policies and capital flow measures as reference in
dealing with risks to financial stability.
The 19th AFMGM+3 will be held in Frankfurt, Germany, in 2016, when Laos and China will be the co-chairs of the process.-VNA