NADI, Fiji, May 2 (Xinhua) -- The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) and China, Japan and South Korea (ASEAN+3) stressed here on Thursday the need to resist all forms of protectionism and agreed to work together to strengthen the resilience and robustness of the regional economy.

"We reaffirm our commitment to uphold the rules based multilateral trading system and open regionalism, while resisting all forms of protectionism," the top finance officials said in a joint statement released after the end of the 22nd ASEAN+3 Finance Ministers and Central Bank Governors Meeting which was held on the sideline of the 52nd annual meeting of the Asian Development Bank (ADB) in Nadi, the third largest city of Fiji.

"We are committed to further enhancing regional efforts, including accelerating intraregional trade and investment activities, as well as further deepening our domestic capital markets in order to build resilience. Over the longer run, we endeavor to prioritize policies that would facilitate the regions transition to the next phase of economic development," said the statement.

The finance officials said they exchanged views on current developments and the outlook for the global and regional economies, as well as policy responses to risks and challenges.

They agreed to work together to strengthen the resilience and robustness of the regional economy to contribute to strong, sustainable, balanced and inclusive global growth.

They pointed out that notwithstanding a more challenging global environment, the ASEAN+3 region continues to be a key driver of global economic growth.

"We expect the economic growth of the ASEAN+3 region to remain steadfast, despite headwinds from trade frictions, softer external demand and tighter global financial conditions," they said.

They also said while the region is not immune to threats of trade protectionism, the impact would be partly mitigated by robust regional consumption and growing intraregional trade. The recent shift in monetary policy stance by major central banks has contributed to improving financial market sentiment.

They pledged to continue to remain vigilant against the downside risks that may heighten the region's vulnerability to shocks.

Most regional economies are wellplaced to recalibrate their monetary, fiscal and macroprudential policy mix to support growth against the anticipated headwinds while paying attention to financial stability, they said, adding that they will continue to conduct sound macroeconomic policies that are sustainable and balanced, as well as promote inclusiveness.

"We will endeavor to support structural reforms, and explore digital innovation to enhance growth potential as well as to cope with population aging, rising inequality, and digital disruption," they said.

As this year marks the 20th anniversary of the ASEAN+3 Finance Process, they discussed their vision for the future building on previous efforts and achievements, as well as ways to reform the process to ensure its relevance and effectiveness in addressing future challenges.

In addition, they commended the significant progress of the ASEAN+3 Finance Process in enhancing regional economic and financial stability during the past two decades, alongside efforts towards regional economic integration. Faced with emerging challenges as well as growing opportunities in the evolving global and regional economic and financial landscape, they reaffirmed their commitment to further deepening and broadening ASEAN+3 financial cooperation towards a more resilient, inclusive and integrated ASEAN+3 region.

Chinese Finance Minister Liu Kun told Xinhua that they adopted a vision document on strategic directions of the ASEAN+3 finance process, which aims to explore new potential areas of common interest and complementarity towards fostering regional economic growth and promoting integration, while continuing the work on current initiatives to maintain long term regional economic and financial stability.

They agreed to meet again in Incheon, South Korea in 2020. Enditem

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