Database on Basic Documents of Japan-ASEAN Relations
Advanced Social and International Studies,
Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting
1. We, the Finance Ministers of ASEAN, China, Japan and the Republic of Korea (ASEAN + 3) convened our meeting in Honolulu to exchange views on recent economic and financial developments, review the progress of and discuss further cooperation in the East Asian region, in particular the implementation of the Chiang Mai Initiative (CMI) and monitoring of capital flows.
2. H.E. Tun Daim Zainuddin,
3. We had an exchange of
views on recent global and regional economic and financial developments. In
this regard, we would like to thank the Asian Development Bank for their update
on economic and financial developments in
4. Growth in the regional economies was robust in 2000, supported by strong export and the revival of domestic consumer demand. With the prospects for the region this year likely to be more subdued, given the weak outlook for the major industrial economies, we noted that some member countries are pursuing accommodative monetary policies and expansionary fiscal policies to sustain growth, while persevering with reforms in the financial and corporate sectors.
5. At the regional level,
we will continue to enhance policy dialogues and regional cooperation
activities, particularly in the areas of regional self-help and support
mechanisms, international financial reform and short-term capital flows
monitoring. In this regard, we agreed to update the capital flows situation in
each member country and to exchange data on capital flows bilaterally among
member countries on a voluntary basis. Our efforts in financial cooperation are
being complemented by closer cooperation in other areas as witnessed by an
expanded scope of
6. We are pleased to note
the significant progress that has been made in implementing the CMI to further
strengthen our self-help and support mechanisms in
The ASEAN Swap Arrangement, one of the CMI main components, has been enlarged to USD 1 billion effective 17 November 2000 and has as its participants all ASEAN member countries.
network of bilateral swap arrangements (BSA) and repurchase agreements under
the CMI, substantial agreements on the BSA have been reached between
We agreed that we would review the current main principles of the bilateral swap arrangement under the CMI in three years, taking account of the actual operation of the BSA and other relevant factors.
Recognizing the importance of enhanced monitoring of the economic situation in our region in implementing the BSA, we agreed to establish a study group to examine ways of enhancing the effectiveness of our economic reviews and policy dialogues.
7. On human resources
development, we appreciated China’s effort in
arranging for the training courses on Economic Reforms and Development in China
for the ASEAN + 3 Finance and Central Bank officials in Beijing last October
and in Shanghai in February 2001. We gratefully noted Korea’s support for the working visit by ASEAN
senior officials to Seoul in October last year and welcomed the initiative to
organize a training program on financial and corporate restructuring later this
year for the ASEAN Finance and Central Bank officials. We also welcomed
8. We acknowledged