ZimNow International Desk
Following a meeting in Milan on May 4, finance ministers and central bank governors from the ASEAN+3 (comprising the 10 ASEAN countries plus China, Japan, and South Korea) released a joint statement highlighting strong regional growth and a shared commitment to deepening financial cooperation amid mounting external uncertainties.
“We reaffirm our commitment to an open, inclusive, and rules-based multilateral trading system,” the statement read, in a veiled critique of US unilateralism. “Regional cooperation remains our strongest buffer against global economic shocks.”
The 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting was held in Milan on 4 May against the backdrop of renewed global trade tensions triggered by the reimposition of US tariffs under President Donald Trump’s second term.
It was co-chaired by Malaysia’s Finance Minister Datuk Seri Amir Hamzah Azizan and Governor Rasheed Ghaffour of Bank Negara Malaysia. Also in attendance were top financial leaders from China, Japan, and South Korea, along with heads of key regional institutions such as AMRO, the Asian Development Bank, and the IMF.
The meeting occurred just weeks after President Trump announced sweeping new tariffs targeting Chinese and Southeast Asian imports, reigniting fears of a trade war akin to the one that shook global markets during his first term.
The 2025 tariffs, framed by the U.S. administration as measures to “protect American manufacturing and rebalance trade,” have already begun to ripple through Asian export markets, prompting urgent discussions in Milan.
Despite these external pressures, ASEAN+3 ministers expressed confidence in the region’s economic fundamentals. The joint statement cited robust growth of 4.3% in 2024, following a 4.4% expansion in 2023, underscoring the resilience of regional economies.
However, the ministers acknowledged the risks posed by geopolitical instability, tightening global financial conditions, and protectionist trade policies. In response, they pledged to reinforce regional financial safety nets through mechanisms such as the Chiang Mai Initiative Multilateralization (CMIM), the ASEAN+3 Macroeconomic Research Office (AMRO), and newer tools like the Disaster Risk Financing Initiative (DRFI) and Policy Adjustment Instrument (PAI).
The group also extended condolences to the people of Myanmar and Thailand following a deadly earthquake on 28 March, signaling a renewed focus on financial instruments to enhance disaster resilience.
As the world grapples with the economic consequences of U.S. policy shifts and a changing global order, ASEAN+3’s emphasis on regional solidarity, institutional strengthening, and financial innovation appears poised to define its strategic posture in 2025 and beyond.
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