Financial ministers and central bank governors from ASEAN member nations and Japan, China and the RoK have agreed to enhance a financial safety network for the region to prevent possible crises.
Hanoi (VNA) – Financial ministers and central bank governors from AS🐽EAN membe൲r nations and Japan, China and the Republic of Korea (RoK) have agreed to enhance a financial safety network for the region to prevent possible crises.
At the 19th ASEAN+3 Finance Ministers’ Meeting in Frankfurt, Germany on May 3, the officials vowed to use all necessary policy tools – monetary, fiscal and structural - to promote sustainable and inclusive economic growth.
The Joint Statement issued at the meeting said among such policy measures, ASEAN+3 member states will flexibly deploy policies to strengthen growth, create jobs and foster innovation, while enhancing resilience and ensuring debt sustainability.
Participants committed to promoting economic reforms, monitoring capital flows and risks stemming from capital flow volatility, and responding appropriately to the changing economic environment.
On the sideline of the meeting, financial officials from China, Japan and the RoK reaffirmed their commitment to structural reforms to enhance productivity and growth in the region.
The meeting in Frankfurt came as the US dollar plunged after the Bank of Japan kept its monetary policy unchanged despite expectations for new measures to stimulate economic growth.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
The meeting of ASEAN deputy finance ministers and vice central bank governors opened in Nha Trang city of the central coast province of Khanh Hoa on April 5.
A meeting of deputy finance ministers and central bank deputy governors of ASEAN and China, Japan and the Republic of Korea (ASEAN+3) took place in the central city of Nha Trang on April 6.
The ASEAN+3 Macro-Economic Research Office (AMRO) will be set up within this month under the agreement reached among ASEAN+3 Finance Ministers in support to the Chiang Mai Initiative Multilateralisation (CMIM).
Deputy financial ministers and vice governors of central banks from ASEAN member states, and those from the groups’ three partners gathered for a meeting in Vientiane, Laos on April 2.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
Aircraft are prohibited from flying below 6,000 metres in the vicinity of the volcano, and should also remain alert to the presence of volcanic ash, which can disrupt flights.
Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
The target is to be completely free from plastic waste within two years. This can only be achieved if all parties implement the initiative with strong discipline.
Indonesia is taking new steps to improve protections for fishery workers, amid concerns over low wages, harsh working conditions, and limited access to social welfare.
The 2025 ASEAN- the Republic of Korea (RoK) Connectivity Forum that opened in Jakarta on June 17 reaffirmed a shared commitment to shaping a connected, resilient future by advancing the ASEAN Connectivity Strategic Plan.
The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
Illustrative image (Source: straitstimes.com)
