MOSCOW (Sputnik) — Finance ministers and central bank governors of the Association of Southeast Asian Nations plus China, Japan and South Korea (ASEAN+3) agreed Tuesday to take joint action to support economic growth in the region.
"We stressed the importance of utilizing all necessary policy tools – monetary, fiscal and structural — to promote sustainable and inclusive economic growth and foster confidence," they said in a joint message released by the Japanese Finance Ministry.
"Global growth remains modest and uneven, and downside risks and uncertainties to the global outlook persist against the backdrop of continued financial volatility, challenges faced by commodity exporters and low inflation," they warned.
The Asian nations agreed to monitor closely capital flows and risks stemming from capital flow volatility and give appropriate responses to the changing economic environment and financial market volatility, supporting regional economic and financial stability.
The statement wrapped up high-level talks that came to an end Tuesday in the German city of Frankfurt. South Korea, China and Japan also held a separate meeting on the ASEAN margins where they vowed to make every effort to encourage growth at both national and regional levels.