South Korean Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol chaired the 26th trilateral meeting of finance ministers and central bank governors on May 3 in Samarkand, Uzbekistan.
The three countries hold the meeting annually to share economic and financial cooperation plans and to discuss key agenda items in advance of the ASEAN+3 finance ministers and central bank governors meeting. The chair rotates among the three finance ministries, and South Korea is this year’s chair.
The countries shared views on the macroeconomic impact of the recent war in the Middle East and their respective policy responses. They said their economies remained steady despite external uncertainty last year, a trend that continued through the first quarter, but agreed that downside risks have increased due to the Middle East conflict.
Koo said the three countries face common medium- and long-term structural challenges, including low birthrates and aging populations, weakening growth potential and the need to stabilize supply chains. He proposed that they share information and work together on solutions.
On ASEAN+3 financial cooperation, Koo said, “To respond to heightened uncertainty, we need to improve the effectiveness of the CMIM, the regional financial safety net,” and urged joint efforts to strengthen the capacity of AMRO, the region’s surveillance body.
The finance ministers and central bank governors agreed that close communication can help support regional financial stability. They also decided to hold their next meeting in Nagoya, Japan, where the 30th ASEAN+ finance ministers and central bank governors meeting is scheduled to be held in 2027.
* This article has been translated by AI.
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