ASEAN+3 Macroeconomic Research Office

What is the ASEAN+3 Finance Process?

Since the 1997 Asian financial crisis, the ASEAN+3 economies, comprising 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea, have been working together to deepen regional financial cooperation.

The ASEAN+3 Finance Process serves as the focal point for members to discuss financial and macroeconomic developments and plays an important role in addressing the risks and challenges faced by the region. Each year, ASEAN+3 finance ministers and central bank governors convene at the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) to reaffirm their commitment in strengthening regional financial cooperation, including through the Regional Financing Arrangement (RFA) / Chiang Mai Initiative Multilateralisation (CMIM), and AMRO.

Member Economies

Brunei Darussalam Cambodia China (including Hong Kong, China) Indonesia Japan Korea Lao PDR Malaysia Myanmar Philippines Singapore Thailand Vietnam

Co-chairmanship

The Co-chairs jointly host the ASEAN+3 Finance Process meetings. The Co-chairmanship rotates annually, passing from one ASEAN economy to the next, and from one Plus-3 economy (China, Japan, and Korea) to the next, generally in alphabetical order.

The 2025 Co-chairs are Malaysia and China. In 2026, the Co-chairmanship will pass to the Philippines and Japan.

Key Tracks under the ASEAN+3 Finance Process

Chiang Mai Initiative Multilateralisation (CMIM)
AMRO
Asian Bond Market Initiative (ABMI), including the Credit Guarantee & Investment Facility (CGIF)
Disaster Risk Financing Initiative
ASEAN+3 Future Initiatives

How does AMRO support the ASEAN+3 Finance Process?

AMRO was established by ASEAN+3 finance ministers and central bank governors to conduct regional macroeconomic surveillance and support the implementation of the CMIM, acting as a policy advisor to members to achieve regional economic and financial resilience and stability.

As the only international organization supporting the ASEAN+3 Finance Process, AMRO facilitates communications among members, streamlines processes and fosters synergies with other institutions and mechanisms. AMRO is also tasked to provide secretariat support with the objectives of: