S. Korea, China, Japan agree on cooperation for economic recovery

SEJONG, Sept. 18 (Yonhap) -- Top economic ministers of South Korea, China and Japan agreed Friday to step up cooperation to swiftly recover from the coronavirus pandemic, Seoul's finance ministry said.

Finance Minister Hong Nam-ki, China's Finance Minister Liu Kun and Japan's Vice
Finance Minister for International Affairs Kenji Okamura held an online meeting earlier in the day during which they also agreed to bolster cooperation with Southeast Asian nations for an economic recovery.

The ministers reaffirmed the importance of an open and rules-based multilateral trade regime, the ministry said.

In June, South Korea, China, Japan and 10 Southeast Asian nations strengthened their emergency liquidity program to better cope with possible financial crises.

The move came after a revised agreement of the regional financial safety net -- known as the Chiang Mai Initiative Multilateralization (CMIM) -- went into effect.

The 13 countries agreed to revise the agreement in May last year to reinforce financial support, including the flexibility to extend the period of provision under the International Monetary Fund-linked portion of the CMIM agreement.

The three ministers welcomed the revised agreement, saying that South Korea, China and Japan will continue to support the regional liquidity program.

CMIM, launched in 2010, refers to the US$240 billion pool that can be tapped through currency swap deals in times of financial crisis.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.

kdh@yna.co.kr
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