Finance ministers from the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and South Korea (ASEAN+3) met here Sunday, aiming to enhance regional cooperation on financial stability.
Following are the background of the meeting.
ASEAN+3:
In the aftermath of the Asian financial crisis in 1997 to 1998,the 10 ASEAN member countries initiated a regular series of meetings at the ministerial and head of government levels with their counterparts from China, Japan and South Korea.
The meetings include annual meetings of the ASEAN+3 minister meetings of foreign affairs, trade and investment, and finance. In addition, heads of government from the 13 countries meet during ASEAN's annual summits, with meetings between the 13 countries' ministers of trade, finance, and foreign affairs, being a part of the summit proceedings.
ASEAN+3 finance ministers' meeting:
The ASEAN+3 finance ministers' meeting mechanism was established in 2000. Since then, discussions have been centered on financial sector cooperation, a surveillance and policy dialogue process through which countries exchange views on economic and financial sector trends and indicators.
They also started to work on the Chiang Mai Initiate (CMI), a network of bilateral currency swap arrangements among the ASEAN countries, China, Japan and South Korea.
Last year, ASEAN+3 finance ministers agreed to change the CMI into a multilateral system.
As of 2004, financial cooperation discussions have also included the Asian Bond Market Initiative (ABMI), a project to develop the Asian bond markets.
Source:Xinhua
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