Asia finance leaders say they are ready to act to stem volatility risks

Financial leaders of the ASEAN group, which consists of China, Japan, South Korea and 10 Southeast Asian countries, said in a statement on Sunday that they will pay attention to risks arising from extreme fluctuations in financial markets and will be ready to take action when necessary.

“We strongly reiterate our commitment to sustainable policy dialogue to maintain macroeconomic and financial stability,” finance ministers and central bank leaders of the group known as ASEAN+3 said in a statement issued after a meeting in Samarkand, Uzbekistan. they said.

Also Read: ADB launches critical mineral financing facility for Asia-Pacific production

“To this end, we will continue to be alert to risks arising from excessive volatility and irregular movements in financial markets and changes in global liquidity conditions, and will be ready to respond in line with domestic conditions,” the statement said.

“We are committed to maintaining open and well-functioning trade and investment flows, as well as resilient supply chains, and reaffirm our support for a rules-based, non-discriminatory, free, fair, open, inclusive, equitable and transparent multilateral trading system with the World Trade Organization at its core,” the statement said.

Also Read: Asian Rice: Sluggish demand and weak rupee reduce India prices
The meeting was held on the sidelines of the Asian Development Bank’s annual meeting in Samarkand.

ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.