Cambodia calls for deeper East Asian financial cooperation

According to a paper circulating at a gathering of leaders to mark 15 years of cooperation between the 13 countries, so-called ASEAN+3 financial cooperation has "achieved many solid outcomes" over the past year.

 

Such cooperation has "greatly contributed to the financial stability as well as the sound and sustainable economic growth of East Asia," the paper said.

 

"It demonstrates the strong political will of East Asia countries to deepen cooperation for mutual benefit, as well as their resolution and determination to work hard-in-hard in face of challenges."

 

"In the future, the ASEAN+3 members will continue to maintain the sound momentum of cooperation and promote existing initiatives to achieve more concrete outcomes. 

The Cambodia Herald

 

"Meanwhile, the ASEAN+3 members will further deepen and expand financial cooperation by carrying out active discussion and research on the future priority areas, including infrastructure financing, disaster risk insurance and using local currencies for regional trade settlement." 

 

"With joint effort of all member countries, the ASEAN+3 financial cooperation will make continuous contribution to regional economic integration and financial stability."   

 

ASEAN financial cooperation dates back to a Chinese initiative in 2003. At a meeting in Phnom Penh in May, the initiative received a major boost when finance ministers and central bank governors of the ten ASEAN countries plus China, Japan and South Korea agreed to double the reserve pool of their currency swap arrangement to $240 billion.

The Cambodia Herald