ASEAN+3

ASEAN+3

An international forum for the members of the Association of Southeast Asian Nations along with China, Japan, and South Korea. Its first meeting occurred in 1997 but it was not established formally until 1999. It is noted for proposing the Asian currency unit, an accounting currency that would (if implemented) rationalize exchange rates among participating currencies to promote financial stability.
References in periodicals archive ?
Senator Loren Legarda, Chair of the Senate Committee on Foreign Relations, today said that the Senate has unanimously concurred in the ratification of five (5) treaties covering the Philippines' Double Taxation Avoidance Agreements (DTAA) with Mexico, Thailand and Sri Lanka, the Cybercrime Convention, and the Agreement on the ASEAN+3 Macroeconomic Research Office (AMRO).
Senate Resolution 614, or the Agreement Establishing the ASEAN+3 Macroeconomic Research Office (AMRO) as an International Organization;
South Korea should prepare for a possible downturn in the information technology (IT) sector to ensure sustainable growth in 2018, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
ASEAN invested with China, South Korea and Japan in ASEAN+3, and APEC's star faded.
Japan as one co-chair of the ASEAN+3 financial cooperation process has been promoting further enhancement of CMIM and our regional safety net.
Instead, the RCEP negotiations built on prior negotiations at various fora in the Asia-Pacific region: ASEAN+3 (ASEAN, China, Japan, and South Korea), ASEAN+6, and the AsiaPacific Economic Cooperation (APEC) Forum.
Japan, China, and South Korea together make up 90% of the GDP of the ASEAN+3, and 70% of that of the countries participating in the RCEP negotiations.
After the achievement of ASEAN+3, launched in 1997, some suggestion was made by ASEAN leaders of building up an East Asian Community through the ASEAN+3 frameworks (Tanaka 2006).
The two major initiatives after the AFC were the Chiang Mai Initiative to increase swap lines between ASEAN+3 central banks to US$240 billion and the Asian Bond Market Initiative to deepen local bond markets.
Malaysia, as the rotating chair of ASEAN in 2015, was further encouraged by China's continued commitment and affirmation of her support of ASEAN centrality within the framework of ASEAN+3 and the East Asia Summit, he said.
Regarding regional financial cooperation in ASEAN+3, the participants said they will work with the regional members to further increase the readiness and effectiveness of the Chiang Mai Initiative Multilateralization (CMIM), and welcomed the ASEAN+3 Macroeconomic Research Office (AMRO) to be transformed into an international organization in the near future.
This article examines the relationship between the global and regional layers by analyzing the case of the global and ASEAN+3 financial safety nets.