Top finance officials of ASEAN, China, Japan, ROK voice opposition to protectionism

MANILA - The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), China, Japan and the Republic of Korea (ASEAN+3) on Friday reaffirmed their commitment to resisting "all forms of protectionism" as well as commitment to "an open and rules-based framework for multilateral trade."

"We also recognize the importance of resisting all forms of protectionism, enhancing integration through deepening intra-regional trade, investment linkages, and improving connectivity," they said in a joint statement at the end of the 21st ASEAN+3 finance ministers' and central bank governors' meeting.

At the same time, they will maintain their strong trade and investment linkages with the rest of the world, they added.

The officials said they remain vigilant against downside risks that may threaten the recovery in the global economy. "We discussed the risks posed by rising trade protectionism and faster-than-expected tightening in global financial conditions, and uncertainty of geopolitical tension," according to the statement.

The officials said the risks, individually or collectively, threaten the recovery in the regional and global economy. They pledged to strengthen cooperation to secure regional economic and financial stability.

To build resilience against external shocks, they vowed to continue to maintain adequate buffers, underpinned by the continued enhancement of the regional safety net.

The officials also welcomed the Panmunjom Declaration agreed between the leaders of the ROK and the Democratic People's Republic of Korea on April 27, adding that they look forward to further progress in easing geopolitical tension in the region.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.