The National Bank of Cambodia (NBC) is reinforcing its collaborative efforts with the ASEAN+3 countries, which include Japan, South Korea, and China, to foster economic growth and shore up the region’s financial security systems.
At the helm of these initiatives, NBC Governor Chea Serey led a Cambodian delegation to the ‘27th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting’ (AFMGM+3) held in Tbilisi, Georgia, on May 3. This gathering brought together key economic stakeholders from across the region with the aim of fortifying financial cooperation and resilience.
Co-chairing the meeting were Santiphab Phomvihane, Lao PDR’s Finance Minister; Bounleua Sinxayvoravong, Governor of the Bank of the Lao PDR; Choi Sang-Mok, South Korea’s Minister of Economy and Finance; and Rhee Chang-yong, Governor of the Bank of Korea. This collective leadership underscored the unified approach taken by these nations in addressing common economic challenges.
Governor Serey took to official media platforms to highlight the main objectives of the Tbilisi meeting. The conference was specifically focused on deepening collaborative ties to bolster the region’s financial systems against potential disruptions and stressors. This goal points to a regional commitment to ensuring long-term financial stability and growth.
According to an NBC announcement, the AFMGM+3 meeting drummed up consensus on enhancing the efficiency of the Chiang Mai Initiative Multilateralisation (CMIM), a security system structured around regional financing agreements (RFAs) and ASEAN+3 future initiatives. Moreover, the meeting zeroed in on advancing the performance of the ASEAN+3 Macroeconomic Research Office (AMRO) to develop it into a go-to hub for regional knowledge. Other pivotal talking points included the advancement of the ASEAN Bond Market Initiative (ABMI) and strategies for Disaster Risk Financing (DRF).
The participant leaders praised the constructive cooperation that has enabled a more dynamic and effective approach to economic revival, advocating for sustainable, well-balanced, and equitable global progress. The meeting affirmed its backing for a multilateral trading system, defined by principles of non-discrimination and transparency.
With the ASEAN+3 region having witnessed a buoyant growth of 4.3 percent the previous year, the region’s economies are showing robust signs of health, particularly in domestic markets. The region is on track for a growth rate of 4.5 percent for the current year, owing to a resurgence in various economic sectors including consumer spending, investment, exports, and tourism.
Post-pandemic recovery efforts have been at the forefront, with nations within the ASEAN+3 ambit seeking to restore budgets and reinforce financial sustainability while gradually reintroducing stricter monetary policies.
The joint statement from the AFMGM+3 expressed confidence that the region would remain a pivotal source of global economic expansion, outpacing the global average and being poised to contribute to nearly 45 percent of the world’s growth from 2024 to 2030.
The conference culminated with a mutual agreement to strengthen regional financial cooperation, reaffirming commitment to an equitable, inclusive, and open trading system with the World Trade Organisation (WTO) at its core. There was also unified support for the implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement.
The ASEAN+3 members concurred to reconvene in Milan, Italy, for their next annual gathering, with an eye towards the 2024-2025 process chaired by Malaysia and China.
Distinguished attendees included Dr. Kouqing Li of AMRO, Masatsugu Asakawa from the Asian Development Bank (ADB), and Li Bo of the International Monetary Fund (IMF), each playing a strategic role in the evolving dialogue around the region’s financial architecture.
Source: Khmer Times
