ASEAN+3 officials reaffirm commitment to free trade

"We reaffirm our full commitment to multilateralism, and a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system," the ASEAN+3 officials said in a joint statement adopted at the meeting.

"We call for enhanced regional unity and cooperation as we endeavor to weather the heightened uncertainty," they noted.

The ASEAN+3 meeting was held on the sidelines of the Asian Development Bank's annual meeting that kicked off in the northern Italian city on the same day.

"The participants mentioned the U.S. tariff measures from their respective perspectives," Japanese Finance Minister Katsunobu Kato told reporters after the meeting. He added that the Japanese side noted that it is strongly urging the United States in their tariff negotiations to reconsider a series of tariff measures imposed under the Trump administration.

Kato also said that Japan is not considering selling U.S. Treasuries as a bargaining chip in the negotiations. According to the U.S. Department of Treasury, Japan's holdings of U.S. Treasuries totaled 1,125.9 billion dollars as of February, the largest amount by country.

Also in the joint statement, the ASEAN+3 officials suggested that while the region's economies are growing steadily, the outlook could be affected by rising uncertainties.

"Escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment, and capital flows across the region," they said.

"Our current policy priority is to reinforce long-term resilience while maintaining flexibility to address near-term challenges," they stressed.

The ASEAN+3 officials also agreed to promote regional financial cooperation in times of pandemics and natural disasters.