The ASEAN+3 Macro-Economic ResearchOffice (AMRO) will be set up within this month under the agreementreached among ASEAN+3 Finance Ministers in support to the Chiang MaiInitiative Multilateralisation (CMIM).
This is one of the results of the 13 th ASEAN+3 ( Japan , the RoK andChina ) Finance Ministers Meeting that took place in Uzbekistan onMay 2, said the Vietnamese Finance Ministry.
The meeting said the CMIM agreement that took effect on March 24, 2010marked an important development in the ASEAN+3 regional financialcooperation progress in order to address temporary liquidity andshort-term balance of payment difficulties for regional members andfurther increase the region’s self-defence capability in facing globaleconomic risks and challenges.
Within the framework of the Asian bond market development initiative(ABMI), ASEAN+3 Finance Ministers announced to set up the creditguarantee and investment Facility (CGIF) with an initial capital of 700million USD. CGIF which will start operation in early 2011 willguarantee businesses in the bond issuance sector. With Vietnam ’scommitment to contribute 1.1 million USD, the country’s businesses areentitled to receive credits guarantee of 140 million USD from the CGIF.
The ministers also agreed to set up the ASEAN+3 bond market forum(ABMF) to facilitate the exchange of views among policy makers, marketmanagers and investors on cross-border bond transaction with the aim ofstandardising markets and harmonise the legal framework of regional bondmarkets.
They also reached consensus on the establishment of the ASEAN+3finance cooperation special task force to devise strategies for futurefinance cooperation among ASEAN+3.
On the sideline of the ASEAN+3 Finance Ministers Meeting, the firstunofficial informal ASEAN+3 Finance Ministers Meeting together withAustralia, New Zealand and India took place under the chair ofVietnamese Finance Minister Vu Van Ninh.
The G-20 members taking part in the meeting voiced their support toVietnam in a capacity as ASEAN’s representative to attend the G-20Summit in the Republic of Korea in November.
The 14 th ASEAN+3 Finance Ministers Meeting will take place inVietnam next year./.
This is one of the results of the 13 th ASEAN+3 ( Japan , the RoK andChina ) Finance Ministers Meeting that took place in Uzbekistan onMay 2, said the Vietnamese Finance Ministry.
The meeting said the CMIM agreement that took effect on March 24, 2010marked an important development in the ASEAN+3 regional financialcooperation progress in order to address temporary liquidity andshort-term balance of payment difficulties for regional members andfurther increase the region’s self-defence capability in facing globaleconomic risks and challenges.
Within the framework of the Asian bond market development initiative(ABMI), ASEAN+3 Finance Ministers announced to set up the creditguarantee and investment Facility (CGIF) with an initial capital of 700million USD. CGIF which will start operation in early 2011 willguarantee businesses in the bond issuance sector. With Vietnam ’scommitment to contribute 1.1 million USD, the country’s businesses areentitled to receive credits guarantee of 140 million USD from the CGIF.
The ministers also agreed to set up the ASEAN+3 bond market forum(ABMF) to facilitate the exchange of views among policy makers, marketmanagers and investors on cross-border bond transaction with the aim ofstandardising markets and harmonise the legal framework of regional bondmarkets.
They also reached consensus on the establishment of the ASEAN+3finance cooperation special task force to devise strategies for futurefinance cooperation among ASEAN+3.
On the sideline of the ASEAN+3 Finance Ministers Meeting, the firstunofficial informal ASEAN+3 Finance Ministers Meeting together withAustralia, New Zealand and India took place under the chair ofVietnamese Finance Minister Vu Van Ninh.
The G-20 members taking part in the meeting voiced their support toVietnam in a capacity as ASEAN’s representative to attend the G-20Summit in the Republic of Korea in November.
The 14 th ASEAN+3 Finance Ministers Meeting will take place inVietnam next year./.
