Leaders of China, Japan and South Korea agreed on Saturday to enhance effective cooperation in dealing with challenges amid the raging global financial crisis.

It is important to enhance regional cooperation to tackle the ongoing financial turmoil, said the Joint Statement on the International Finance and Economy issued after a meeting of Chinese Premier Wen Jiabao, Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak.

Welcome the results of the Trilateral Finance Ministers' Meeting among China, Japan and South Korea on November 14 in Washington and the recent decisions on the increase in the size of the bilateral swap arrangements among the three countries, the leaders also welcomed the setting up of the Tripartite Governors' Meeting of the three central banks to be held on a regular basis.

The three leaders reiterated their commitment to working with ASEAN members to expedite the process of the Chiang Mai Initiative. Multilateralization and strengthen regional surveillance mechanism for effective monitoring on the regional economy and financial markets, the statement said.

Efforts are needed to minimize the negative impacts of the financial crisis on the global economy, to facilitate regional trade and investment and promote regional cooperation, according to the statement.

They affirmed that the three countries should play a greater role in reversing the downward trend of the world economy and return it to the path of sustainable growth.

Moreover, in order to counter protectionism, they pledged efforts to reach an ambitious, balanced and comprehensive conclusion of the Doha Development Agenda as early as possible.

The three leaders pledged to refrain from setting new barriers to investment and trade in goods and services, imposing new export restrictions, or implementing WTO inconsistent measures to stimulate exports within the next 12 months.

It is vital to promote cooperation among Asian countries not only in the financial sector but also in the real economy, they said.

They agreed that measures aimed at promoting growth and expanding domestic demand are of vital significance.

Therefore, they decided to strengthen trilateral cooperation to overcome the negative impacts of the global financial storm and achieve sustainable development in Asia.

(Xinhua News Agency December 14, 2008)