Hanoi (VNA) – Asian economies, hit hard by thecoronavirus pandemic, are expected to recover this year with the help ofCOVID-19 vaccine rollouts, but still warned of downside risks stemming from theemergence of new mutations and differences in vaccination rates among nations,according to a joint statement.

"We expect vaccine rollouts to play a key part inaccelerating regional economic recovery," said the finance ministers andcentral bank governors of the ASEAN+3, which comprises ten ASEAN nations andits three partners, namely Japan, China, the Republic of Korea, in a jointstatement after holding a videoconference on May 3.

While calling for vigilance against "uneven"economic recovery from the global health crisis, they pledged to "use allavailable policy tools to ensure an inclusive and sustainable recovery andmaintain financial stability."
Underscoring their commitment to an "open andrules-based multilateral trade and investment system," they also welcomedthe signing of the Regional Comprehensive Economic Partnership (RCEP) agreement,the world's largest free trade deal signed by Australia, New Zealand and the 13Asian nations in November.

They gathered online on the sidelines of three-day annualAsian Development Bank (ADB) meetings that started in virtual format on thesame day.

Next year's meetings will be held in Colombo, Sri Lanka,according to the statement.

At the previous teleconference held in September, theASEAN+3 countries decided to increase the operational flexibility of the ChiangMai Initiative Multilateralisation scheme, which came into force in 2010 toaddress balance-of-payment and short-term liquidity difficulties in the regionin times of crisis.

The scheme evolved from the Chiang Mai Initiative, thefirst regional currency swap arrangement launched by the 13 Asian nations inMay 2000 with the aim of preventing a repeat of the 1997 Asian currency crisis.

At its annual gathering, the ADB launched the AsiaPacific Tax Hub, which is aimed at promoting knowledge sharing andstrengthening cooperation on tax policy and administration, to enhance itssupport for developing nations in the region.

The new framework envisions providing an inclusiveplatform for policy dialogue among 68 ADB members and international institutions,such as the Organisation for Economic Cooperation and Development (OECD), theInternational Monetary Fund (IMF) and the World Bank (WB)./.