Jakarta (ANTARA) - The 3rd ASEAN+3 Task Force Meeting, hosted by Indonesia, as holder of the co-chairmanship alongside Japan, has enhanced collaboration and cooperation in the regional financial sector.

The meeting, which took place in Yogyakarta on Tuesday (July 11), was attended by representatives of ASEAN countries, China, Japan, and South Korea.

At the meeting's opening session, as per the written statement here on Wednesday (July 12), co-chair Yogi Rahmayanti of Indonesia's Finance Ministry commended the sound cooperation between the co-chairs in earlier meetings.

"I wish to express my gratitude to this year's co-chair, colleagues from Bank Indonesia, Japan's Finance Ministry, and Bank of Japan for good cooperation in managing and chairing the meeting," Rahmayanti stated.

As the follow-up and mandates from the earlier ASEAN+3 finance ministers and central bank governors' meeting last May, the Tuesday meeting was focused on improving policy dialogue, coordination, and cooperation in financial, monetary, and fiscal sectors.

The meeting discussed cooperation to bolster regional financial stability through the strengthening of the Chiang Mai Initiative Multilateralization (CMIM) as a regional self-help mechanism and the development of new facility potentials to prevent and address regional financial crisis to tackle global economic challenges.

Efforts to strengthen the ASEAN+3 Macroeconomic Research Office (AMRO) as a supervisory agency to support the implementation of regional crisis prevention and provider of supervision capacity enhancement programmes for ASEAN+3 countries were discussed at the meeting.

The 3rd ASEAN+3 Task Force Meeting also became the first meeting to specifically discuss the Disaster Risk Funding Initiative as a new initiative to encourage cooperation in regional disaster risk funding, information exchange, and technical assistance.

Meanwhile, other essential agendas discussed at the meeting include strategic studies on priority focus in the region, such as the use of local currencies in regional cross-border transactions, sustainable funding, and financial stability risk due to corporate debts.

Resolutions from the 3rd ASEAN+3 Task Force Meeting agendas will be followed up and brought to the next task force meeting in September 2023.

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Translator: Agatha Olivia V, Nabil Ihsan
Editor: Azis Kurmala
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