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JAKARTA. Association of Southeast Asian Nations (ASEAN) member states, along with China, Japan, and South Korea, are committed to strengthening economic resilience in the region by continuing structural reforms in the economy, as well as implementing effective macroeconomics policies.
The ASEAN+3 countries are also ready to face global economic risks, as well as strengthen the trade system and investment, Bank Indonesia Governor Agus Martowardojo said during the ASEAN+2 meeting in Yokohama, Japan, on Friday.
"We are aware of the global economic risks that are influenced by uncertainties due to the protectionist tendencies, geopolitical risks, and changes in the monetary policy stance, particularly in developed countries," Agus said in a written statement received in Jakarta.
According to him, ASEAN+3 also emphasizes the use of all policy tools (monetary, fiscal and structural) to promote sustainable, balanced, inclusive growth, as well as improve economic and financial resilience.
The meeting was attended by ASEAN+3 Macroeconomic Research Office (AMRO), Asian Development Bank (ADB), International Monetary Fund (IMF) as the strategic partner of ASEAN+3 to assist in the exchange of views on current conditions related to the global and regional economy.
During the meeting, governors of the central banks and finance ministers of the ASEAN+3 countries agreed to strengthen the "Chiang Mai Initiative Multilateralisation" (CMIM) as the important part of the financial safety network in the region.
ASEAN+3 will improve the operational readiness of CMIM by strengthening the "swap" bilateral network.
"Regional economic cooperation will continue to be strengthened to establish a resilient and integrated ASEAN+3," Agus noted.
