Japan and the Association of Southeast Asian Nations (ASEAN) will launch a new framework for financial cooperation that looks to help increase their economic ties.
The finance ministers and central bank governors from Japan and ASEAN member nations are expected to meet in New Delhi, India, on May 3 on the sidelines of the annual meeting of the Asian Development Bank (ADB), according to Kyodo News on April 25.
This will be the first meeting of the finance ministers of Japan and ASEAN with the participation of central bank chiefs since 1999.
The to-be-launched new financial framework will be supplemented to the existing framework of ASEAN+3 (Japan, China, and the Republic of Korea) as Tokyo is seeking to boost economic ties with ASEAN economies.
At the upcoming meeting, Japan expects to revive its bilateral currency swap agreements signed with Malaysia, Singapore and Thailand, and strengthen its existing bilateral agreements with Indonesia and the Philippines .
The currency swap agreement was launched in 2000 to address short-term liquidity problems in Asia during its financial crisis.
Japan plans to work with Indonesia, the Philippines and Singapore to start discussions for bilateral agreements that allow the central banks in each nation to provide their local currency to Japanese banks by accepting Japanese government bonds as collateral -- the arrangement aims to make it easier for Japanese firms operating in these countries to use the local currencies.-VNA
The finance ministers and central bank governors from Japan and ASEAN member nations are expected to meet in New Delhi, India, on May 3 on the sidelines of the annual meeting of the Asian Development Bank (ADB), according to Kyodo News on April 25.
This will be the first meeting of the finance ministers of Japan and ASEAN with the participation of central bank chiefs since 1999.
The to-be-launched new financial framework will be supplemented to the existing framework of ASEAN+3 (Japan, China, and the Republic of Korea) as Tokyo is seeking to boost economic ties with ASEAN economies.
At the upcoming meeting, Japan expects to revive its bilateral currency swap agreements signed with Malaysia, Singapore and Thailand, and strengthen its existing bilateral agreements with Indonesia and the Philippines .
The currency swap agreement was launched in 2000 to address short-term liquidity problems in Asia during its financial crisis.
Japan plans to work with Indonesia, the Philippines and Singapore to start discussions for bilateral agreements that allow the central banks in each nation to provide their local currency to Japanese banks by accepting Japanese government bonds as collateral -- the arrangement aims to make it easier for Japanese firms operating in these countries to use the local currencies.-VNA
