AFDM+3 focuses on East Asia's financial cooperation

VNGOP - The ASEAN Financial Deputies Meeting plus 3 (AFDM+3) officially took place on April 2-3 in Đà Nẵng City, attracting the Deputy Financial Ministers, Deputy Central Bank Governors of ASEAN countries, China, Japan and the Republic of Korea.

April 04, 2008 7:06 AM GMT+7

The delegates reviewed the process of financial cooperation in East Asia through implementing some initiatives, such as the Asian Bond Market Initiative (ABMI) started in 2003 to effectively expand the region’s bond markets and enhance cross-border links among these markets.

So far, the countries within ASEAN 3 have established seven working teams to research and develop the bond markets.

The meeting also concentrated on outlining an ABMI strategic roadmap for the expansion of bond markets in the region.

The roadmap, submitted to the AFMM 3 for approval in May, is expected to put ABMI into reality in a more comprehensive and effective way.

The agenda also covers the Chiang Mai Initiative (CMI), performance of the ASEAN 3 research teams and other issues.

The CMI was initiated in 2000 with a view to promoting bilateral exchanging agreements within the countries of ASEAN 3 so as to provide short-term financial assistance to the members and establish a mechanism to forecast and prevent the regional financial crisis.

By Thanh Thúy