13-7-2023 (JAKARTA) The 3rd ASEAN+3 Task Force Meeting, co-chaired by Indonesia and Japan, has successfully enhanced collaboration and cooperation in the regional financial sector. The meeting, held on Tuesday (July 11) in Yogyakarta, saw the participation of representatives from ASEAN countries, China, Japan, and South Korea.
During the opening session of the meeting, Yogi Rahmayanti, the co-chair from Indonesia’s Finance Ministry, expressed appreciation for the effective cooperation between the co-chairs in previous meetings. Rahmayanti thanked colleagues from Bank Indonesia, Japan’s Finance Ministry, and the Bank of Japan for their excellent collaboration in managing and chairing the meeting.
Building upon the mandates and outcomes of the earlier ASEAN+3 finance ministers and central bank governors’ meeting in May, the focus of the Tuesday meeting was on enhancing policy dialogue, coordination, and cooperation in the financial, monetary, and fiscal sectors.
Participants discussed various areas of cooperation aimed at strengthening regional financial stability. This included efforts to enhance the Chiang Mai Initiative Multilateralization (CMIM), a self-help mechanism designed to bolster the region’s financial stability and address potential crises. Additionally, discussions centered on the development of new facilities to prevent and mitigate regional financial crises in response to global economic challenges.
The meeting also addressed the strengthening of the ASEAN+3 Macroeconomic Research Office (AMRO), which serves as a supervisory agency supporting regional crisis prevention. The AMRO plays a crucial role in providing capacity enhancement programs for ASEAN+3 countries.
Moreover, the 3rd ASEAN+3 Task Force Meeting dedicated a significant portion of its agenda to discuss the Disaster Risk Funding Initiative. This new initiative aims to foster cooperation in regional disaster risk funding, facilitate information exchange, and provide technical assistance.
Other key topics discussed during the meeting included strategic studies on the use of local currencies in regional cross-border transactions, sustainable funding, and financial stability risks associated with corporate debts.
The resolutions and outcomes of the 3rd ASEAN+3 Task Force Meeting will be followed up and presented at the next task force meeting scheduled for September 2023.
