ASEAN Plus 3 revises agreement protecting regional finance
The Association of Southeast Asian Nations (ASEAN) and their partners, namely China, Japan, and the Republic of Korea (RoK) agreed on December 14 to revise the Chiang Mai Initiative Multilateralisation (CMIM) Agreement – a regional financial safety net.
Leaders of ASEAN countries and China, Japan and the Republic of Korea pose for a photo at the 21st ASEAN Plus Three Summit in Singapore last November (Photo: VNA)
Hanoi (VNA) – The Association of Southeast Asian Nations (ASEAN) and their partners,namely China, Japan, and the Republic of Korea (RoK) agreed on December 14 torevise the Chiang Mai Initiative Multilateralisation (CMIM) Agreement – a regionalfinancial safety net.
According to the RoK’sMinistry of Economy and Finance, the decision was made by deputy financeministers and the deputy governors of the central banks of ASEAN Plus 3countries at a meeting to discuss key regional issues in Busan.
Previously, at ameeting in May in Manila, the Philippines, the finance ministers and centralbank governors of these countries reached a consensus on stepping up theimplementation of the CMIM, intensifying financial cooperation, and supportingmultilateral trade and investment systems.
They also agreed to builda new comprehensive legal basis to create favourable conditions for the CMIM tosupport member states in addressing risks through policy recommendations andfinancial assistance.
The 240-billion-USD CMIM,which took effect in 2010, is a multilateral currency swap contract betweenASEAN Plus 3 countries to increase their response to rising risks andfluctuations in the global economy.
CMIM providesfinancial support through currency swap transactions to its participants facingdifficulties in the balance of payments and short-term liquidity. –VNA
Foreign ministers of ASEAN countries and three partner nations - China, the Republic of Korea (RoK) and Japan (ASEAN+3) - met in Singapore on August 4, agreeing on the need for ASEAN+3 to continue contributing to economic connectivity and opening trend in the region.
The Association of Southeast Asian Nations (ASEAN) and its Northeast Asian partners - China, Japan and the Republic of Korea (RoK) - have reaffirmed commitments to promoting cooperation and economic integration to build a free and open East Asia region amid growing protectionism.
The 18th Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers on Agriculture of China, Japan and the Republic of Korea (18th AMAF+3) took place in Hanoi on October 12.
Prime Minister Nguyen Xuan Phuc led a Vietnamese delegation to the 21st ASEAN Plus Three Summit (with China, Japan and the Republic of Korea) in Singapore on November 15.
The ASEAN+3 Young Entrepreneurs Forum opened in Ho Chi Minh City on December 13, with its agenda focusing on the role of young businesses in high-tech agriculture startup and innovation.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Leaders of ASEAN countries and China, Japan and the Republic of Korea pose for a photo at the 21st ASEAN Plus Three Summit in Singapore last November (Photo: VNA) 
