ASEAN+3 eye higher, more strategic financial ties

The finance ministers of the ten ASEAN members countries and three dialogue partners – China, Japan and the Republic of Korea – convened in Hanoi on May 4 to discuss how to further strengthen regional financial cooperation and address challenges for the region.

During the one-day meeting, the ministers exchanged views on recent global and regional economic development and policy management, and reviewed progress of the regional financial cooperation since their last meeting, including the Chiang Mai Initiative Multilateralisation (CMIM), the Asian Bond Markets Initiative (ABMI) and the ASEAN+3 Research Group.

“We endorsed the ‘Operational guidelines for Enhancing Effectiveness of CMIM’, which is the operational manual for the currency swaps made pursuant to the CMIM Agreement, including the CMIM’s activation process in relations to the existence of the IMF Programmes,” said the joint ministerial statement issued at the end of the meeting, which was occasioned by the ongoing 44 th annual ADB meeting in Hanoi.

They believed these guidelines will contribute to swift and smooth activation of the CMIM Agreement, it added.

The ministers welcomed the establishment of AMRO, which, as the surveillance unit of CMIM, plays an important role to monitor and analyse regional economies, and to contribute to early detection of risks, swift implementation of remedial actions, and effective decision-making of CMIM, the statement said.

“We expect AMRO to be fully operational soon and are committed to promote the smooth and efficient operation of AMRO,” it said.

They welcomed establishment of the Credit Guarantee and Investment Facility (CGIF) last November with an initial capital of $700 million as well as progress of ASEAN+3 Bond Market Forum (ABMF), a common platform to foster standardization of market practices and harmonisation of regulations relating to cross-border bond transactions in the region.

The ministers acknowledged that the Research Group has played an important role in identifying and exploring subjects for possible regional financial cooperation from mid- and long-term points of view by mobilising the knowledge and expertise of private research institutions, the statement said.

“We recognised that ASEAN+3 financial cooperation has presented significant achievements under such initiatives as CMIM, ABMI, ERPD and Research Group. We noted the work of the Taskforce on the Future Priorities of ASEAN+ Financial Cooperation in assessing previous achievements and proposing new priority areas in order to bring regional financial cooperation to a higher and more strategic level,” it said, adding they tasked deputies to initiate studies, with support from ADB as appropriate, in three possible areas for future cooperation – infrastructure financing, disaster risk insurance and using local currencies for regional trade settlement.

The meeting agreed to invite central bank governors to join the meeting and the gathering would then become “ASEAN+3 Financial Ministers’ and Central Bank Governors’ Meeting” from next year.

The next meeting will take place in the Philippines in 2012 with co-chairs Cambodia and the Republic of Korea.

From VirVN

Newer Articles
  • Government okays anti-dumping suit against US
  • Switzerland vows all-round cooperation with Vietnam
  • Vietnam-Malaysia bilateral trade hits US$4 billion
  • International tourism investment promotion conference kicks off
  • Laos relationship to climb to new level
  • WTO ruling favours VN shrimp exports
  • US toasts Viet Nam’s trading importance
  • JICA stands by cooperation commitments with Vietnam
  • Vietnam borrows $75m from ADB to upgrade traffic system
Older Articles
  • JICA stands by cooperation commitments with Vietnam
  • Vietnam borrows $75m from ADB to upgrade traffic system
  • Viet Nam attends 7th ASEAN People’s Forum
  • Vietnam-Indonesia trade ties highlighted
  • Vietnam hopes FTAs will bring more opportunities to expand export markets
  • Hanoi-hosted ADB meeting focuses on inflation
  • Large Vietnam deals inked
  • Vietnamese projects get thumbs up in Cambodia
  • Vietnam PM chairs investment conference in Cambodia
  • India helps Vietnam build IT resource centre
Latest News
  • Vietnamese software firms consider Japan as the major market
  • Despite problems, 2011 FDI spending equals 2010
  • EVNTelecom asks for government’s approval to sell 12pct stake for VTC
  • Vietnamese enterprises expanding into international markets
  • Ernst & Young Vietnam role to be examined
  • Vietnamese firms invest over $24.5b in foreign countries as of July-end
  • Vietnam Insurance Market: Keeping Double-digit Growth
  • Vietnam’s economy looks grim with ADB’s forecast
  • Ministry rejects import-export tax changes
  • Government okays anti-dumping suit against US
For Foreigners
  • Adb: policy tightening will lower inflation
  • HSBC, Barclays to advise Vietinbank’s planned overseas dollar bond sale
  • Vietnam govt to service debt for troubled cement projects
  • Calm heads prevail as the forex market to remain cool
  • Further fiscal & monetary tightening in coming months
  • IMF cuts Vietnam’s inflation forecast to 9.5pct in 2011
  • Vietnam’s dong has best week since 1997 after dollar rates curb
  • Vietnam tightens control over state-bank partnership
  • Foreign investors list problems in Vietnam
  • Foreign invested enterprises complain about customs procedures

BusinessTradeVietnamGovernmentFDIWorld economyVietnamese PartyEconomyEconomicMarketState managementPrime MinisterHCM cityHanoiHo Chi MinhCPIAsianWorldAmericaEuropeNguyen Tan DungHau GiangMekong DeltariceStandingMekongCambodiausajapanchinakoreaLai ChauHoa BinhHoi AnChu LaiQuang NamDa nangCan thoSon LaPower PlantMinistry of IndustryDung QuatOilSingaporeThailandMalaysiaIndonesiaLaosVietnameseFDI capitalinvestorsforeign investorNetherlandsUSservicetransportationinfrastructuretourismVNPostExpressSpainGoldTra fishexportcontractstouristMiddle AreaConstructionShipbuildingIndustryCompanyIndustrial ZonebudgetDong NaiBinh DuongVung TauTay NinhBinh PhuocTay NinhLong AnTien GiangUS investorshydropower plantQuang NinhNha TrangStock ExchangeHNXIndexcapitalAgricultureDong ThapAn GiangExport-Processing ZoneYen BaiLao CaiLai ChauDien BienSon LaHoa BinhPhu ThoHa GiangTuyen QuangBac KanLang SonCao BangmanufacturersAseanRussiadevelopmentAviationinflationHong KongAmericanChamber of CommerceSeafoodODAWBIMFFEDAsia-PacificAssociationcountriesEuropeanmarine economyThanh HoaNghe AnNam DinhHa TinhPhu LýVinh PhucBac NinhBac GiangHung YenHai DuongBinh ThuanBinh PhuocLam DongGia LaiKon tumQuang NgaiQuang BinhQuang TriNinh ThuanCa MauBac LieuSoc TrangTra VinhKien GiangVinh LongBen TreincomespoliciesLawassetsNatural GasBuildingstatisticsstrategyDa Latmineral exploitationprocessingindustrieselectricitywatersupplyEnterprisesforestryfisherycommunicationsreal estatetransportationCorruptionbauxiteSecuritiesInsuranceBankFinanceAccountgoodsTrade BalancecoffeeCoalfestivalHa NamNinh BinhHoa BinhUniversityArtsBooktravelVietnam VisaVisaPagodaCommitteePeople's CommitteeVinashincompaniesHoa PhatHSBCACBvietcombankvietinbank

Copyright 2010 © 
Powered by: CIINS Design by: