AMRO to Hold Annual Consultation with Korea from 28th... Economic Trends Review

Containers loaded with import and export cargo are piled up at Busan Port's Sinsundae Pier and Gammam Pier. [Image source=Yonhap News]

The Ministry of Economy and Finance announced on the 24th that the ASEAN+3 Macroeconomic Research Office (AMRO) will conduct the 2022 annual consultation with South Korea from the 28th of this month to the 9th of next month.

AMRO is an international organization that monitors the economic trends of the ASEAN+3 member countries, which include the 10 ASEAN countries plus Korea, China, and Japan.

It also plays a role in supporting the Chiang Mai Initiative Multilateralization (CMIM), which is operated to support economic and financial stability among member countries.

CMIM is a multilateral currency swap arrangement worth a total of 240 billion USD to provide liquidity support in times of crisis among regional member countries, with South Korea’s contribution amounting to 38.4 billion USD (16% share).

AMRO conducts annual consultations by visiting member countries every year to review economic trends including macroeconomics, fiscal, and financial sectors, and provides policy recommendations. Based on this, it prepares and publishes annual consultation reports for each member country.

During this visit to Korea, the AMRO annual consultation team plans to hold expert meetings with a total of 23 institutions including the Ministry of Economy and Finance, the Financial Services Commission, the Bank of Korea, and the Financial Supervisory Service.

With the Ministry of Economy and Finance, a working-level consultation on overall economic trends and outlook will be held on the 5th of next month, and the annual consultation will conclude on the 9th with a review of the consultation results chaired by Kim Seong-wook, Director General for International Economic Affairs.

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