Japan, China, S. Korea Finance Chiefs Welcome Panmunjom Declaration

Manila, May 4 (Jiji Press)--The finance ministers and central bank governors of Japan, China and South Korea, in a joint statement Friday, welcomed the Panmunjom Declaration, adopted at last week's inter-Korean summit, as a development that is expected to help reduce geopolitical risks to the regional economy. In the statement issued after their meeting in Manila, the top financial officials of the three countries said that they see the "ASEAN+3 region," which consists of member economies of the Association of Southeast Asian Nations and the three East Asian countries, "contribute to the improving global economic outlook." "Nevertheless, we remain vigilant against downside risks that may threaten the recovery in the global economy," the officials noted, citing "rising trade protectionism, faster-than-expected tightening in global financial conditions, and uncertainty of geopolitical tensions." "In this regard, we welcome the Panmunjom Declaration...and look forward to further progress in easing geopolitical tension in the region," they said. The officials also reaffirmed "the importance of resisting all forms of protectionism, ensuring an open and rule-based multilateral trade and investment system, and of strengthening resilience against external shocks," according to the statement. In addition, they agreed to "further enhance communication and coordination" among the three countries. The trilateral meeting, attended by Japanese Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda, was held ahead of a Japan-China-South Korea summit in Tokyo on Wednesday. The ministers and central bankers said the meeting of Japanese Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and South Korean President Moon Jae-in is believed to "provide a momentum to further solidify our close relationship in regional financial cooperation." "We will cooperate to ensure the success (of the summit)," they said. END