The finance ministers of China, Japan and South Korea on Friday night agreed to enhance collaboration to effectively address the ongoing global financial crisis.
In a joint message released after an informal trilateral meeting, the ministers vowed to play a pivotal role in maintaining economic and financial stability of the region, after reviewing the current economic and financial conditions and exchanging views on the causes and development of the current crisis.
"While having enjoyed solid economic fundamentals and sound financial sector, the Asian region faces challenges including slower economic growth and financial market fluctuations," they said in the statement.
The ministers also discussed policy measures taken by the three countries, reiterating commitment to taking macroeconomic policy and financial stability measures and strengthening policy dialogues among the three countries.
Ministries of finance, central banks and financial supervisory authorities from the three East Asian countries are due to meet in Tokyo on Nov. 26, known as the first initiative of the Workshop on Macroeconomic and Financial Stability.
On the eve of the G20 summit, the financial ministers also emphasized the importance to work with the Association of Southeast Asian Nations (ASEAN)+3 members to expedite the process of the Chiang Mai Initiative multilateralization.
Leaders from the G20, which includes both wealthy and developing nations, meet Saturday in Washington to search ways to curb the global financial crisis.
The G20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union and the Bretton Woods Institutions, namely the International Monetary Fund (IMF) and the World Bank.