Samarkand, Uzbekistan – May 3 (Jiji Press) – Finance ministers and central bank governors from Japan, China, South Korea, and the Association of Southeast Asian Nations (ASEAN) convened in Samarkand, Uzbekistan, on Sunday, reaching a consensus to bolster their collaborative efforts in mitigating risks arising from escalating tensions in the Middle East.
Following their discussions, a joint statement was released, in which the Asian finance officials articulated that “the escalation of conflict in the Middle East has amplified downside risks to the regional outlook significantly.” They emphasized the critical importance of upholding multilateralism and reinforcing regional unity and cooperation to effectively tackle shared challenges and increasing uncertainties.
The high-level meeting was jointly chaired by Japan and the Philippines. Japan’s delegation included Finance Minister Satsuki Katayama and Bank of Japan Deputy Governor Ryozo Himino.
During a post-meeting press conference, Minister Katayama affirmed that all participants concurred on the indispensable role of regional cooperation in addressing the economic repercussions stemming from the Middle East situation. A key outcome of the discussions was the agreement to strengthen the capabilities of the Chiang Mai Initiative, a multilateral currency swap arrangement designed to provide liquidity during financial crises.
The joint statement also lauded Japan’s commitment of $10 billion in financial assistance to Asian economies grappling with crude oil shortages. Given Asia’s significant reliance on Middle Eastern crude oil and other resources, and the fact that Southeast Asian nations produce numerous oil-related products vital for Japan, including those for medical use, this financial aid is anticipated to help secure crucial supplies.
Concurrently, the annual meeting of the Asian Development Bank (ADB) commenced on Sunday. The ADB unveiled plans to allocate a total of $70 billion by 2035 to support the advancement of cross-border power supply networks and digital infrastructure across Asia.
ADB President Masato Kanda, a former Japanese vice minister of finance for international affairs, highlighted in a press conference that this substantial support is designed to foster an open, resilient, and inclusive future, ensuring sustainable prosperity for all inhabitants of the region. Furthermore, the ADB introduced a new framework aimed at bolstering the development of supply chains for critical minerals in the region, with Japan pledging a $20 million contribution to this initiative.
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