MANILA – Finance ministers and central bank governors from ASEAN+3 economies reaffirmed their commitment to promote regional financial co-operation, during the annual meeting of the Asian Development Bank (ADB) in Manila on Friday.

The senior officials of the ASEAN+3 economies also expressed their commitment to further support an open and rules-based multilateral trade and investment system, which has provided robust economic growth in the region,” Heng Swee Keat, Singaporean finance minister, said at the joint press conference of the 21st ASEAN+3 Finance Ministers and Central Bank Governors Meeting.

He also praised the successful completion of the first periodic review of the Chiang Mai Initiative Multilateralisation (CMIM), which will help strengthen the role of the CMIM as the regional financial safety net for the ASEAN+3 economies.

The community will continue to support the ASEAN+3 Macroeconomic Research Office (AMRO), as an independent international organisation and a trusted advisor to the members of the ASEAN+3, he further added.

Any substantial progress made in improving and strengthening the AMRO’s core surveillance function over the region’s socio-economic development is highly welcomed, he stressed.

The meeting also highlighted the Asian Bond Markets Initiative (ABMI), as it has made significant contributions to the development of the region’s local currency bond markets and the regional bond market integration, Heng further said.

Heng also expressed the commitment of members of the ASEAN+3 community to create a resilient financial infrastructure, to cope with climate and disaster-related risks, through establishing the Southeast Asia Disaster Risk Insurance Facility, which is expected to function as a regional catastrophe risk insurance pool and help narrow the protection gap in the region.

The joint press conference was also attended by Dong Yeon Kim, deputy prime minister and minister of strategy and finance of South Korea.

The ministers from the two countries agreed that the meeting is testament to the region’s mutually beneficial cooperation, which has lasted over two decades.

The ASEAN+3 community has strengthened its macroeconomic structure and remains open to trade, foreign direct investment and capital flows, they said in the joint statement.

In 2018, the community will aim to enhance regional financial stability and facilitate regional growth and financial integration, in line with Singapore’s ASEAN chairmanship priorities to maintain growth, ensure stability and foster innovation in the region.” – VNS