Overview
The ASEAN+3 Finance Ministers Cooperation (AFMM+3) was established in 1999 at the behest of the ASEAN + 3 Leader’s Summit in Manila in November 1999 and convened their 1st Meeting in Chiang Mai, Thailand in May 2000. The AFMM + 3 agreed to strengthen policy dialogue, coordination and collaboration on the financial, monetary and fiscal issues of common interest, focusing initially on issues related to macroeconomic risk management, enhancing corporate governance, monitoring regional capital flows, strengthening banking and financial systems, reforming the international financial architecture, and enhancing self-help and support mechanisms in East Asia through the ASEAN+3 Framework. The AFMM+3 welcome the participation of the Central Bank Governors in order to strengthen regional economic monitoring and to enhance regional financial cooperation. The AFMM+3 was then transformed into the ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3) in 2012.
Notable initiatives under the ASEAN+3 Finance Ministers and Central Bank Governors (AFMGM+3) process are as follow:
- Chiang Mai Initiative (CMI) – it was an initiative by the AFMM + 3 launched in May 2000 to strengthen the region’s capacity to safeguard against increased risks and challenges in the global economy through the expansion of the ASEAN Swap Arrangement and a network of bilateral swap and repurchase agreement facilities among ASEAN Member States, China, Japan and Republic of Korea.
Chiang Mai Initiative Multilateralization (CMIM) – it was established by the AFMM+3 in 2010 to further strengthen the self-help and support mechanism in East Asia. The CMIM is a multilateral arrangement among the the finance ministries and central banks of the ASEAN+3 member countries and the Hong Kong Monetary Authority that is governed by a single contractual agreement for the purpose of providing financial support in United States Dollars through currency swap transactions among them. The total size of the CMIM Arrangement is US$120 billion comprised of contributions from the CMIM Parties.
After the global financial crisis, the AFMGM+ 3 in 2012 agreed to further strengthen the region’s crisis management capacity by enhancing the effectiveness of the regional financial safety net by doubling its total size to US$ 240 billion and increasing the IMF de-linked portion to 30%. They also agreed to lengthen the maturity and supporting period for the IMF linked portion from 1 year to 3 years. Moreover, during the ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3) on December 2019, it was agreed to increase the IMF de-linked portion from 30% to 40%.
- ASEAN+3 Macroeconomic Research Office (AMRO) – it was established during the AFMM+ 3 in May 2009 in Bali to serve as an independent regional surveillance unit to monitor and analyse regional economies and support CMIM decision-making. In 2015, ASEAN+3 countries signed the agreement which transform AMRO to an International Organisation based in Singapore.
The AMRO will, during peace time, prepare quarterly consolidated reports on the overall macroeconomic assessment of the ASEAN+3 region, as well as individual member countries, conduct annual consultations with individual member countries and implement an early warning system for advance detection of emerging vulnerabilities. However, during crisis time, the AMRO will prepare recommendations on any swap request based on the macroeconomic analysis of the swap requesting member and monitor the use and impact of funds once any swap request is approved.
- Asian Bond Markets Initiative (ABMI) – The ABMI was launched in 2003 to develop local-currency denominated bond markets, and develop more accessible and well-functioning regional bond markets both for issuers and investors.
One of the concrete outcomes of the ABMI is the establishment of the Credit Guarantee and Investment Facility (CGIF) with an objective to develop and strengthen the local currency and regional bond markets by providing credit enhancement and make investments to allow eligible issuers to access local currency bond markets and thereby avoid currency and maturity mismatches by issuing within the region. It was established as a trust fund of the ADB and will have an initial capitalization of US$ 700 million from the ASEAN+3 members. In November 2017, the CGIF contributors agreed to increase the capital to US$ 1.2 billion at the special Meeting of Contributors (MOC) to address its guarantee capacity constraint.
Following the new ABMI Roadmap endorsed by the 11th ASEAN+3 Finance Ministers Meeting (AFMM+3) in Madrid in May 2008, the four ABMI Working Groups have evolved into Task Forces addressing the four key areas namely: i) promoting key issuance of local currency-denominated bonds; ii) facilitating the demand of local currency-denominated bonds; iii) improving regulatory framework and iv) improving related infrastructure for the bond markets. The Technical Assistance Coordination Team (TACT) continues to provide technical assistance in bond markets to interested members. ASEC has been assisting the ABMI as administrator of technical assistance programmes being implemented by the Japanese Ministry of Finance under the Japan Technical Assistance Fund (JAFTA). The technical assistance focuses on building capacities of ASEAN countries in various aspects of bond market development (e.g., Government Bonds and Corporate Bonds).
ASEAN+3 Task Force Meeting (AMRO, CMIM and ABMI)
ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3)
ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3)
- Joint Statement of the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Milan, Italy, 4 May 2025
- Joint Statement of the 27th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Tbilisi, Georgia, 3 May 2024
- Joint Statement of the 26th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, Incheon, republic of Korea, 2 May 2023
- Joint Statement of the 25th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, Virtual, 13 May 2022
- Joint Statement of the 24th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Virtual, 3 May 2021
- Joint Statement of the 23rd ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Virtual, 18 September, 2020
- Joint Statement of the 22nd ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting Nadi, Fiji, 2 May 2019
- Joint Statement of the 21st ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Manila, Philippines, 4 May 2018.
- The Joint Statement of the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Yokohama, Japan, 5 May 2017.
- Joint Statement of the 19th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, 3 May 2016, Frankfurt, Germany
- Joint Statement of the 18th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, 3 May 2015, Baku, Azerbaijan.
- The Joint Statement of the 17th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, 3 May 2014, Astana, Kazakhstan
- The Joint Statement of the 16th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, 3 May 2013, Delhi, India
- Joint Ministerial Statement of the 14th ASEAN+3 Finance Ministers’ Meeting, Ha Noi, 4 May 2011
- The Joint Media Statement of the 13th ASEAN Plus Three Finance Ministers’ Meeting, Tashkent, Uzbekistan, 2 May 2010
- The Joint Media Statement of the 12th ASEAN Plus Three Finance Ministers’ Meeting, Bali, Indonesia, 3 May 2009
- Joint Media Statement – Action Plan to Restore Economic and Financial Stability of the Asian Region (Report from the Finance Ministers of the ASEAN+3 to Heads of States/Governments), Phuket, Thailand, 22 February 2009
- Joint Ministerial Statement of the 11th ASEAN Plus Three ASEAN Ministers Meeting, Madrid, Spain, 4 May 2008
- The Joint Ministerial Statement of the 9th ASEAN+3 Finance Ministers’ Meeting, Hyderabad, India, 4 May 2006
- The Joint Ministerial Statement of the 8th ASEAN+3 Finance Ministers’ Meeting, Istanbul, Turkey, 4 May 2005
- Joint Ministerial Statement of the ASEAN Plus Three Finance Ministers Meeting, Jeju, Korea, 15 May 2004
- Chairman’s Press Release on the Asian Bond Markets Initiative, 16 June 2003
- Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting (2003)
- Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting (2002)
- Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting (2001)
- The Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting, 6 May 2000, Chiang Mai, Thailand
- 1st ASEAN+China, Japan, Korea (ASEAN+3) Deputy Finance Ministers and Deputy General Bank Governors Meeting (1999)
