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The 12th biennial Asia-Europe Finance Ministers’ Meeting (ASEM FiNMM12) was held on June 9-10 in Ulaanbaatar, Mongolia, for ASEM member nations to discuss three part agenda on macroeconomic developments, financial stability and increased connectivity.

Finance Ministers and heads of delegations from 43 ASEM member nations, as well as high-level representatives from the European Commission, IMF, World Bank Group, IFC, ECB, EBRD, EIB, ADB, AIIB, UNESCAP, ESM, European Union and AMRO presented their diverse views and positions, as Asia and Europe both in moderate recovery with uneven prospects, still experience vulnerability to global and regional economic risks.

At the opening of the meeting, Saikhanbileg Chimed, the Prime Minister of Mongolia, highlighted that “the fragile state of the world economy, slowing of the growth, higher costs of capital, volatility of financial and commodity markets are hampering economic growth and sustainable development. The persistence of poverty, high unemployment, increasing social inequalities and development gaps hinder successful economic cooperation and partnership between the two continents.  Sound national policies and strategies, including financial policies and their thorough coordination at regional and international levels are needed more than ever.” as he hoped that the ongoing ASEM dialogue will contribute to defining future concrete actions of ASEM in strengthening Asia-Europe partnership.

Bolor Bayarbaatar, the Finance Minister of Mongolia, chaired the plenary sessions and the lead speakers were senior representatives from IMF, Finance Ministry of Japan, the European Commission, World Bank, Republic of Korea’s Ministry of Strategy and Finance, Ministry of Finance of Malta and EU Presidency Trio. The ministers adopted the ASEM Finance Ministers’ Meeting Communiqué at the closing session and it was also decided that Bulgaria would host the next Finance Ministers’ Meeting in 2018. For details on the agenda, lead speakers and the communiqué, visit http://www.finmm12.mof.gov.mn/

“Today we discussed a number of issues, first how we can coordinate our macroeconomic policies for economic growth and to strengthen recovery in number of states in both Europe and Asia,” said Valis Dombrowskis, the Vice-President of the European Commission, during the press conference. “Under the sphere of economic growth, there are many fiscal policy tools, but from European Commission side we emphasize on the need to develop foundation’s structural reforms.”

The Finance Ministers’ Meeting, as an integral part of Asia Europe dialogue for building stronger interregional cooperation, facilitated the nation representatives with opportunities to share prospects on regional economies and the changing global financial architecture. The two day ministerial meeting concentrated on discussions on quality infrastructure investments, cross-border infrastructure and transport, broad approach to financial stability, while delegates also called for close attention to policy restructure, increased numbers of bilateral engagements, and digital connectivity for forward looking developments.

“We also discussed strengthening connectivity between Asia and Europe, and we understand connectivity in the broad sense. We don’t only talk about transportation and structure, we talk about digital connectivity, rules in spreading the best practices and standards, about facilitating trade, avoiding protectionism, about protecting investment and number of other areas,” said Mr. Dombrowskis.

At the end of Asia Europe Finance Ministers’ meeting, member nations adopted a communiqué in accordance with the discussed agenda and the closed the meeting with Mongolia announcing Bulgaria as the next host country for 13th Asia Europe Finance Ministers’ Meeting.

Монгол эхийг унших бол энд дарж орно уу

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