25th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting
ASEAN+3 Discuss Cooperation to Weather Regional Economic Challenges
Deputy Prime Minister Choo Kyung-ho attended the ASEAN+3 (Korea, China, and Japan) Finance Ministers and Central Bank Governors’ Meeting held virtually on May 12. At this meeting, the leaders exchanged views on the current global and regional economic situation and outlook, policy directions, and plans for regional financial cooperation to ensure complete economic recovery from the pandemic and properly manage downside risks.
DPM Choo emphasized the importance of policy coordination in the region especially in three sectors: trade, finance, and structural reform.
- (Trade) Urged regional cooperation to mitigate supply chain risks by making the most of a free and rule-based multilateral trading system and took note of unintended negative spillover effects caused by individual country’s export restrictions.
- (Finance) Suggested that financial safety net be built meticulously in preparation for higher financial volatility in the region as the real and financial economy of ASEAN+3 countries are more closely connected than before.
- (Structural reform) Underlined the need for continuous structural reforms to boost the region’s economy, as well as regional policy coordination that prepares for the transition to a digital and green economy
DPM Choo also appreciated members’ cooperation with the updated operational guideline for enhancing the CMIM framework and showed his commitment to participate in follow-up discussions for related issues. DPM Choo highlighted the importance of examining regional financial safety nets especially through CMIM test runs amid growing volatility in the global financial market.
The next meeting of ASEAN+3 Finance Ministers and Central Bank Governors will be held in Incheon, Korea in 2023.
Attachment: Joint Statement of the 25th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting
 It has set the ground for the adoption of the new CMIM reference interest rate to replace LIBOR and the institutionalization of local currency contributions in the CMIM