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12th Asia-Europe Finance Ministers' Meeting calls for regional connectivity

Xinhua, June 11, 2016 Adjust font size:

The 12th Asia-Europe Finance Ministers' Meeting was held in Ulan Bator, the capital of Mongolia, on Friday, which called for increased connectivity between the two continents.

The meeting was attended by the finance ministers and representatives from 43 ASEM member countries and high-ranking officials from various international organizations, including Jin Liqun, president of Asian Infrastructure Investment Bank (AIIB).

Mongolian Prime Minister Saikhanbileg Chimed addressed the participants and stressed importance of the meeting for strengthening Asia-Europe connectivity and making the ASEM process more relevant for the peoples of the two regions.

Representatives conducted a comprehensive discussion on a range of issues of common interests based on the theme " Partnership for Prosperous Connectivity Between Asia and Europe" underlining the need for Asia and Europe to foster cooperation through an enhanced partnership with the ultimate goal of securing stronger, more sustainable and balanced global growth and promoting shared prosperity.

China's initiatives on building Silk Road Economic Belt and 21st century Maritime Silk Road have caught much attention of representatives in the meeting.

In an open discussion of the meeting, Singapore's representative said that we should have more inter-regional connectivity initiatives, the "One Belt, One Road" is a good example of how connectivity between Europe and Asia can be strengthened.

Stressing the importance of China's "One Belt, One Road" initiative, Jin Liqun said the program can boost ties between Europe and Asia.

"We would certainly highlight importance of this project, which will have positive spillover effect and impact on regional development. So there's natural overlap between AIIB and 'One Belt, One Road' program", said Jin.

Mitsuhiro Furusawa, Deputy Managing Director of the International Monetary Fund, calls for using fiscal space and low funding cost environment to build needed and appropriate infrastructure that can connect Asia and Europe.

According to the meeting's communique, ministers reiterated their commitment to increased connectivity between their regions through promoting inter-regional investment and trade flows, rules-based multinational trading system and liberalization of trade in goods and services.

The next Asia-Europe Finance Ministers' Meeting will be held in Bulgaria in 2018. Endit