ASEAN+3 to launch tech assistance tools to address systemic challenges
Finance ministers and central bank governors from the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) recently supported updating of strategic direction of their financial cooperation and agreed to launch technical assistance tools aimed at addressing medium- to long-term structural challenges.
They concluded their 28th annual meeting in Milan recently.
Finance ministers and central bank governors from the ASEAN, China, Japan and South Korea recently supported updating of strategic direction of their financial cooperation and agreed to launch technical assistance tools aimed at addressing medium- to long-term structural challenges. Their 28th annual meeting ended in Milan recently. The region's outlook is subject to heightened uncertainties.
Co-chaired by China and Malaysia this year, the meeting focused on global and regional macroeconomic developments and regional financial cooperation under the 10+3 framework.
According to a joint statement issued after the meeting, ASEAN+3 is expected to remain a key driver of the global economy over the medium term, contributing to more than 40 per cent of global growth.
Meanwhile, inflation is expected to remain low at below 2 per cent in 2025. The region's outlook is, however, subject to heightened uncertainties, the statement noted.
The participants reaffirmed their commitment to advancing regional financial cooperation under the ASEAN+3 framework.
The next such meeting will be held in Samarkand, Uzbekistan in 2026. The Philippines and Japan will be the co-chairs.
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