SEOUL, Nov 28 (Bernama-Yonhap) -- Vice finance ministers of South Korea, China, Japan and the Asean have agreed to strengthen regional cooperation to address uncertainties and create new growth opportunities, Seoul's finance ministry said Friday, Yonhap News Agency reported.
The consensus was reached during the ASEAN+3 Finance and Central Bank Deputies' Meeting, held in Hong Kong on Wednesday and Thursday, according to the Ministry of Economy and Finance.
South Korea sent Deputy Finance Minister Choi Ji-young as its chief delegate.
During the meeting, major economic organisations, such as 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 in investments related to 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, the ministry said.
Officials also highlighted the importance of short-term measures to stabilise foreign exchange and financial markets, alongside structural reforms aimed at boosting long-term productivity.
Participants also discussed ways to further develop the Chiang Mai Initiative Multilateralisation (CMIM), a US$240 billion currency-swap arrangement established in 2010 as a regional financial safety net.
The meeting focused on restructuring the CMIM to a paid-in capital framework, the ministry said.
Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste. - Bernama-Yonhap
