Database on Basic Documents of Japan-ASEAN Relations
Advanced Social and International Studies,
The Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting
7 August 2003,
1. We, the Finance
Ministers of ASEAN,
2. The Finance
3. We discussed recent economic and financial developments and policies. We also reviewed the progress of regional financial cooperation initiatives, including, the Chiang Mai Initiative (CMI), Monitoring of Capital Flows, the Early Warning System (EWS) and the Asian Bond Market Initiative (ABMI).
Recent Economic and Financial Developments in the Region
4. We are pleased to note the stronger than expected growth in the regional economies in 2002 which was supported by a revival in domestic demand and exports in some countries. The robust performance continued into the first quarter of 2003. The region remains resilient and is expected to register higher growth as global recovery picks up.
5. We had the opportunity to hear the report of ADB President Tadao Chino on the economic outlook of the region. The positive developments in the ASEAN + 3 economies are supported by the improvements in the economic indicators in some of the developed countries. Mr. Chino identified three key long-term challenges for the ASEAN +3 countries: (1) reforms in the banking system; (2) restructuring of the corporate sector; and (3) deeper financial and monetary cooperation.
6. We are confident that our accommodative monetary policy and fiscal stimulus will enable the SARS-affected economies among us to recover. We resolved to intensify structural reforms, particularly on the regulatory and supervisory system, and the on-going financial and corporate sector restructuring
7. On regional
financing arrangements, we are pleased to note significant progress since we
last met in
8. To strengthen the current peer review process,
we agreed to
implement the recommendations made by the ASEAN+3 Study Group to
9. We also agreed to set up the ASEAN+3 Finance Cooperation Fund (the Fund) to support our on-going economic review and policy dialogue. The Fund would complement our efforts to enhance the effectiveness of our economic surveillance in support of the CMI and the ABMI. The Fund would be administered by the ASEAN Secretariat.
10. We agreed to intensify our efforts to develop regional bond markets. This will further strengthen our financial systems by better utilizing the aggregate savings in the region and minimizing the risk of maturity and currency mismatches. Voluntary working groups have been established to further discuss a range of key issues crucial to further development of the domestic and regional bond markets, such as, securitization, credit guarantee, promotion of local currency denominated bonds, credit rating, and foreign exchange transactions and settlement issues.
11. We welcomed our Deputies’ initiative in setting up a voluntary research
group to explore ways to further strengthen financial cooperation and promote
financial stability in the region.
12. We conducted a useful dialogue with the ADB President. We welcomed the ADB’s technical support for ABMI as well as for the capacity building to set up the EWS in participating member countries. We support the establishment of the EWS to strengthen our participating members’ surveillance capacity.
13. We welcomed
the workshop that was jointly organized by
14. We agreed to
meet in Jeju, the
15. We express our
thanks to the