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.
Leaders 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 to revise the Chiang Mai Initiative Multilateralisation (CMIM) Agreement – a regional financial safety net.
According to the RoK’s Ministry of Economy and Finance, the decision was made by deputy finance ministers and the deputy governors of the central banks of ASEAN Plus 3 countries at a meeting to discuss key regional issues in Busan.
Previously, at a meeting in May in Manila, the Philippines, the finance ministers and central bank governors of these countries reached a consensus on stepping up the implementation of the CMIM, intensifying financial cooperation, and supporting multilateral trade and investment systems.
They also agreed to build a new comprehensive legal basis to create favourable conditions for the CMIM to support member states in addressing risks through policy recommendations and financial assistance.
The 240-billion-USD CMIM, which took effect in 2010, is a multilateral currency swap contract between ASEAN Plus 3 countries to increase their response to rising risks and fluctuations in the global economy.
CMIM provides financial support through currency swap transactions to its participants facing difficulties in the balance of payments and short-term liquidity. –VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
ASEAN
ASEAN Future Forum 2024 enters first session
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
ASEAN
Canada, ASEAN consolidate climate change response, economic cooperation
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN
ASEAN youth empowered to unleash potential: ASEAN chief
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
World
Thailand urged to increase proportion of renewable power generation
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
World
Indonesia lifts tsunami alert given after Ruang volcano’s eruption
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
