With the theme “Strengthening Dynamic Partnership, Sharing Dynamic Growth,” the 10th ASEM Finance Ministers' Meeting concluded in Bangkok, Thailand, on October 15, 2012. The meeting was attended by finance ministers from 41 ASEM member countries, and representatives from international and regional institutions like the International Monetary Fund (IMF), the World Bank (WB), the Asian Development Bank (ADB), the ASEAN+3 Macroeconomic Research Office (AMRO), the European Central Bank (ECB), and the European Financial Stability Facility (EFSF). The Vietnamese delegation was led by Deputy Finance Minister Truong Chi Trung.
With three discussion sessions, the meeting mainly focused on contents of information and experience sharing and put forth orientations and solutions to strengthen cooperation between the two regions in the midst of hardship, thus helping the two sides to address the crisis.
Finance ministers exchanged views on the recent financial and economic developments in the two areas. They highlighted the dynamism of emerging Asian economies while recognising the effort of European economies to maintain the integrity and stability of the region, reduce internal imbalances and improve the functions of financial market with the hope that the European economies will gradually recover and escape from the crisis.
Ministers also discussed active regional financial arrangements in Asia and Europe and appreciated the Chiang Mai Initiative Multilateralisation (CMIM) initiated by ASEAN +3 countries, seeing this an important result of economic and financial cooperation of ASEAN+3 countries. They also hope that the European Stability Mechanism (ESM) will effectively contribute to the process of stabilising finance and restoring growth in the region.
To boost up interregional trade and investment, the ministers reaffirmed their commitments to enhanced interregional trade and investment. Currently, bilateral trade turnover accounts for only a small portion, about 15 per cent of Asia’s trade and 27 per cent in Europe’s trade. These outcomes do not correspond to the economic position and scale of both regions. The strengthening of interregional trade and investment relations to match potentials of the two regions is necessary. This is the most important content interested and agreed by many members at the meeting. Ministers discussed measures and decisions to continue supporting interregional relations with improved financial environment. Besides, they recognised the progress in the ASEM Customs Directors Meeting and subsequent actions, especially priority fields, like trade facilitation and supply chain security, prevention of intellectual property rights violations, social and environmental protection.
The Vietnamese delegation had contacts and bilateral exchanges with key partners, including Australian Finance Minister and Dutch Finance Minister.
Ministers unanimously adopted the Statement of the Chairman, stressed discussion results and recommendations at the meeting will be submitted to 9th ASEM Summit to be held in Laos on November 5-6, 2012.
Quynh Anh
Vietnamese
