Amid growing concerns about the impact of rising protectionism on the global ecoglobalnomy, finance ministers and central bankers from across Asia have issued a unified call for enhanced regional cooperation and a commitment to fair and free trade, Bloomberg reports.
The statement, released on Sunday in Milan on the sidelines of the annual meeting of the Asian Development Bank, came from officials representing Japan, China, South Korea, and the Association of Southeast Asian Nations (ASEAN).
“We call for enhanced regional unity and cooperation as we endeavor to weather the heightened uncertainty,” the statement read.
The leaders emphasized the importance of a multilateral, rules-based trading system, with the World Trade Organization (WTO) at its core.
“Amid rising uncertainties and long-term structural shifts, we reaffirm our full commitment to multilateralism, and a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization at its core,” the statement declared.
The meeting takes place against a backdrop of escalating trade tensions fueled by US President Donald Trump’s tariff policies, which have rattled global markets and begun to impact international trade flows. As negotiations continue on how to mitigate the effects of “reciprocal tariffs,” Trump has indicated that some trade agreements could be reached as early as this week.
In response to these global headwinds, Asian finance leaders outlined strategies to strengthen their economic resilience. These strategies include rebuilding fiscal policy buffers, recalibrating monetary policy based on domestic economic conditions, and maintaining exchange-rate flexibility as a buffer against external economic shocks.
The officials also expressed their support for the implementation of the Regional Comprehensive Economic Partnership (RCEP), a significant trade framework among Asia-Pacific countries.
