Finance minister to attend ASEAN+3 ministerial meeting in Georgia this week

South Korean Finance Minister Choi Sang-mok was to leave for Georgia on Wednesday to attend the ASEAN Plus Three finance ministers and central bank governors’ meeting this week for talks on global economic and financial issues and joint policy responses, the finance ministry said.

The 27th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting will be held in Tbilisi, Georgia, on Friday, which will bring together top financial officials and central bankers from ASEAN and its three Northeast Asian dialogue partners of South Korea, China and Japan, according to the Ministry of Economy and Finance.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.

On the table will be how to work more closely among regional partners on pending economic and financial issues and how to enhance the role of the Chiang Mai Initiative Multilateralization (CMIM).

The CMIM is a US$240 billion pool launched in 2010 that can be tapped through currency swap deals in times of financial crises in the region.

Ahead of the talks, Choi will meet with his counterparts and central bank governors from Japan and China.

Choi will also attend the annual meeting of the Asian Development Bank (ADB) over the weekend, and hold bilateral talks with Indonesian Finance Minister Sri Mulyani Indrawati and ADB chief Asakawa Masatsugu to explore ways of enhancing cooperation, according to the ministry.