ASEAN+3 finance ministers vow to promote operation of AMRO

09:06, May 05, 2011      

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Chinese Deputy Minister of Finance Li Yong (L), South Korean Finance Minister Yoon Jeung-hyun (C) and Japanese Minister of Finance Noda Yoshihiko pose for a photo during the 11th Trilateral Finance Ministers' Meeting among China, Japan and South Korea in Hanoi, Vietnam, May 4, 2011. (Xinhua/Li Qing)

The 14th ASEAN+3 Finance Ministers' Meeting has issued a joint ministerial statement vowing to promote the smooth and efficient operation of the ASEAN+3 Macroeconomic Research Office (AMRO).

The meeting which was held here Wednesday during the ongoing 44th Annual Meeting of Asian Development Bank (ADB) was attended by the Finance Ministers of ASEAN, China, Japan and South Korea ( ASEAN+3), newly appointed Director of AMRO Wei Benhua and the President of ADB.

The statement confirms the establishment of AMRO plays an important role to monitor and analyze regional economies, contribute to swift and smooth activation of Chiang Mai Initiative Multilateralization (CMIM) Agreement.

The countries also agree to instruct the Deputies to review AMRO's organizational capacity at the next Deputies' meeting, and launch a study to strengthen the legal status of AMRO so that AMRO could fully meet its objectives as an international organization with an international legal personality

The statement emphasized the importance of crisis prevention measures under the current global financial environment. The countries agree to instruct the deputies to initiate a study on the design of a possible crisis prevention function for CMIM, including the size, further collaboration with the International Monetary Fund, and the role of AMRO.

"We believe this AMRO can do independent assessment on the monetary and economic issues of ASEAN+3 countries. We welcome the establishment of AMRO and we really want to see AMRO in operation very soon," said H.E. Agus D.W. Martowardojo, Minister of Finance of Indonesia during a press conference after the meeting.

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