Iran War Makes Asia Suspicious, South Korean Finance Minister Urges ASEAN+3 to Move

JAKARTA - The United States-Israel war against Iran has begun to make Asian countries count. South Korean Finance Minister Koo Yun-cheol called for strengthening regional cooperation to face growing economic uncertainty.

According to a Yonhap report quoted on Monday, May 4, the appeal was made by Koo at the 29th Meeting of ASEAN+3 Finance Ministers and Central Bank Governors in Samarkand, Uzbekistan, Sunday, May 3.

ASEAN+3 consists of ASEAN countries as well as three Northeast Asian partners, namely South Korea, Japan, and China.

"The war in the Middle East has further expanded the region's economic uncertainty," Koo said.

He said ASEAN+3 cooperation was increasingly important because it had been a support during the crisis.

Koo also said the Middle East crisis was a threat to South Korea's economy. The Seoul government, he said, has prepared measures to support the economy, including an additional budget of 26.2 trillion won or about 17.7 billion US dollars.

Outside the ASEAN+3 forum, Koo led a trilateral meeting of finance ministers and central bank governors of South Korea, China, and Japan.

During the meeting, Koo asked the three countries to strengthen coordination in facing the risk of economic decline due to the Iran war. The appeal closed a series of meetings that had been overshadowed from the start by concerns over the economic impact of the Middle East conflict.