ASEAN+Korea, China, Japan "Will Utilize All Available Means for Economic Recovery"

[Asia Economy Reporter Jang Sehee] South Korea, China, Japan, and ASEAN (Association of Southeast Asian Nations) have agreed to continuously utilize all available means to respond to the novel coronavirus infection (COVID-19) crisis.

This was discussed at the 23rd ASEAN+3 Finance Ministers and Central Bank Governors Meeting held via video conference on the 18th.

Heo Jang, Director General for International Economic Affairs, attended on behalf of Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki, exchanging views with member countries on regional economic trends and economic policy measures to respond to the COVID-19 pandemic. Additionally, they discussed regional financial cooperation including the Chiang Mai Initiative Multilateralization (CMIM), the ASEAN+3 Macroeconomic Research Office (AMRO), the Asian Bond Markets Initiative (ABMI), and mid- to long-term strategic directions.

The member countries, through a joint statement, agreed to maintain vigilance against potential downside risks to the regional economy considering uncertainties related to the spread of COVID-19, while continuously utilizing all available means for economic recovery.

They also evaluated AMRO’s provision of important reference materials for policy implementation, such as analytical reports on the regional impact of COVID-19, expressing expectations that AMRO will strengthen its macroeconomic surveillance capabilities and serve as a primary advisor for regional countries.

Meanwhile, the next ASEAN+3 Finance Ministers and Central Bank Governors Meeting will be held next year in Tbilisi, Georgia, with South Korea and Brunei serving as co-chairs.

This content was produced with the assistance of AI translation services.