Hong kong: Vice finance ministers from South Korea, China, Japan, and the Association of Southeast Asian Nations (ASEAN) have reached a consensus to bolster regional cooperation in response to ongoing uncertainties and to explore new avenues for economic growth, as reported by Seoul's finance ministry.

According to Yonhap News Agency, the agreement was formed during the ASEAN+3 Finance and Central Bank Deputies' Meeting, which took place in Hong Kong over two days. South Korea was represented by Deputy Finance Minister Choi Ji-young as its chief delegate. The meeting saw participation from major economic organizations, including the International Monetary Fund (IMF) and the Asian Development Bank (ADB), which observed that while the regional economy is currently outperforming initial expectations, a slowdown in long-term growth is anticipated.

The economic bodies identified several persistent risks, such as global protectionism, fiscal vulnerabilities, financial market fluctuations, and potential impacts from changes in investments tied to artificial intelligence. The member countries acknowledged these concerns and stressed the importance of enhancing cooperation in trade, investment, and finance to mitigate these challenges and stimulate new growth opportunities.

Additional discussions among officials emphasized the necessity of short-term strategies to stabilize foreign exchange and financial markets, as well as implementing structural reforms to improve long-term productivity. The meeting also explored the advancement of the Chiang Mai Initiative Multilateralization (CMIM), a significant US$240 billion currency-swap arrangement that acts as a regional financial safety net, focusing on restructuring it towards a paid-in capital framework.

ASEAN includes the nations of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.