Deputy Prime Minister Hong Nam-ki attended the 19th Korea-China-Japan Finance Ministers and Central Bank Governors’ Meeting held in Nadi, Fiji on May 2, where the leaders discussed economic situations of the ASEAN+3 countries, their economic policies and ways to strengthen financial cooperation in the region. The trilateral meeting is usually held before the ASEAN+3 meeting to review the agenda.
During the discussion, DPM Hong talked about Korea’s recent economic developments and government efforts to prepare for potential risks, such as implementing measures to boost exports and investment, and drawing up supplementary budgets. DPM Hong also introduced Korea’s innovation boosting policies, which include promoting 5G related services, future cars and smart factories.
Outcomes of discussion
1. Economic developments
– Expect ASEAN+3 to continue to be a key driver of global growth, despite challenges coming from the global environment, and agree to uphold an open and rule-based multilateral trade and investment system
– Agree to further enhance communication and coordination among the three countries to contribute to the regional economy
2. Regional financial cooperation
– Agree to work together to further develop the ASEAN+3 Finance Process started in 1999
– Welcome the amended CMIM agreement and commend AMRO’s efforts to enhance regional macroeconomic surveillance
– Continue to work on mid- to long-term tasks, such as promoting local currency bond markets and regional financial integration
Source: Ministry of Strategy and Finance