HYDERABAD, India: Finance ministers from China, Japan and South Korea have vowed to further enhance regional financial co-operation.

Acknowledging that the three countries have achieved much progress in this field, the ministers said that the ASEAN+3 framework is a step in the right direction.

South Korean Finance Minister Han duck-soo (L), Finance Minister of Japan Sadakazu Tanigaki (C), and Finance Minister of China Jin Renqing hold hands before the start of the meeting on the second day of the Asian Development Bank meeting in Hyderabad, India, Thursday, May 4, 2006. High oil prices could weaken Asia's strong economic growth, ADB President Haruhiko Kuroda warned Wednesday, adding that producer and consumer nations should work together to lower prices. [AP Photo]

"Through meaningful and fruitful discussions, we have made considerable progress in the (financial) co-operation among the three countries," the ministers said in a joint statement yesterday at the 6th Trilateral (China, Japan and South Korea) Finance Ministers' Meeting.

The three ministers Jin Renqing of China, Sadakazu Taniguki of Japan and Han Duck Soo of South Korea are in Hyderabad, India, to attend the 39th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB).

The prospects of the three countries' economic growth for 2006 are positive because of the strong demand in the region and continued robust growth of the world economy, the statement said.

The ministers said they welcomed the completion of the CMI (Chiang Mai Initiative) review, which started at the 2004 ASEAN+3 Finance Ministers' Meeting in Jeju, South Korea.

They are expected to create a plan to further expand the region's financial co-operation on the basis of the CMI, which was established in May 2000 the first significant regional financing arrangement to enable member countries to cope with disruptive capital flows and maintain exchange rate stability.

The ministers also reaffirmed their strong commitment to promoting other regional co-operation projects such as the Asian Bond Markets Initiative, which aims to develop efficient and liquid bond markets in Asia so as to enable better use of Asian savings for Asian investments.

Meanwhile, the three ministers said they have noted the importance of sharing a long-term vision for financial integration in the region. They agreed to further study the related issues, including the usefulness of regional currency units. 

Page:

1

2

3

4

(For more biz stories, please visit Industry Updates)