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ASEAN Plus 3 revises agreement protecting regional finance

The Association of Southeast Asian Nations (ASEAN) and their partners, namely China, Japan, and the Republic of Korea (RoK) agreed on December 14 to revise the Chiang Mai Initiative Multilateralisation (CMIM) Agreement – a regional financial safety net.
ASEAN Plus 3 revises agreement protecting regional finance ảnh 1Leaders of ASEAN countries and China, Japan and the Republic of Korea pose for a photo at the 21st ASEAN Plus Three Summit in Singapore last November (Photo: VNA)

Hanoi (VNA) – The Association of Southeast Asian Nations (ASEAN) and their partners,namely China, Japan, and the Republic of Korea (RoK) agreed on December 14 torevise the Chiang Mai Initiative Multilateralisation (CMIM) Agreement – a regionalfinancial safety net.

According to the RoK’sMinistry of Economy and Finance, the decision was made by deputy financeministers and the deputy governors of the central banks of ASEAN Plus 3countries at a meeting to discuss key regional issues in Busan.

Previously, at ameeting in May in Manila, the Philippines, the finance ministers and centralbank governors of these countries reached a consensus on stepping up theimplementation of the CMIM, intensifying financial cooperation, and supportingmultilateral trade and investment systems.

They also agreed to builda new comprehensive legal basis to create favourable conditions for the CMIM tosupport member states in addressing risks through policy recommendations andfinancial assistance.

The 240-billion-USD CMIM,which took effect in 2010, is a multilateral currency swap contract betweenASEAN Plus 3 countries to increase their response to rising risks andfluctuations in the global economy.

CMIM providesfinancial support through currency swap transactions to its participants facingdifficulties in the balance of payments and short-term liquidity. –VNA 
VNA
#ASEAN Plus 3 #Chiang Mai Initiative Multilateralisation Agreement #regional financial safety net #ASEAN Plus 3 countries #multilateral currency swap contract #Vietnamplus #Vietnam News Agency ASEAN
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