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ASEAN+3 finance ministers satisfied with regional financial cooperation

05-03-2010 14:33 BJT

TASHKENT, May 2 (Xinhua) -- Finance ministers from member states of the Association of Southeast Asian Nations, plus China, Japan and South Korea (ASEAN+3) voiced satisfaction Sunday with the implementation of existing agreements on regional financial cooperation.

The ministers, who gathered in the Uzbek capital for their 13th meeting, said in a statement that they acknowledged East Asia's leading role in boosting the world's economic recovery and expressed concern about major challenges facing the region including economic restructuring.

ASEAN favors the continuity and stability of macroeconomic policies, as well as appropriate timing and pacing of exit strategies for each country from stimulus measures based upon each respective situations, the statement said.

The participating ministers called for further advancing economic architecture reform, boycotting trade protectionism and promoting a strong, sustainable and balanced growth for the region and the entire world.

They welcomed the Chiang Mai Initiative Multilateralization Agreement, a multilateral currency swap accord which covers all ASEAN+3 members, which formally came into effect on March 24, 2010.

They also reached consensus on basic parameters of a regional economic surveillance unit, and announced the formal establishment of a regional credit guarantee and investment fund.

At the meeting, Chinese Finance Minister Xie Xuren urged the duly establishment of the regional surveillance unit and the continuous promotion of an Asian bond market.

He also called on all countries to deepen regional financial cooperation to safeguard regional economic and financial stability, as well as to give impetus to regional economic integration.

Editor:Du Xiaodan |Source: Xinhua

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