ASEAN Plus Three, Foreign Minister Retno Discusses Food And Energy Issues

Ministerial meeting "ASEAN Plus Three" was held in Phnom Penh, Cambodia, on Thursday (4/8/2022). (ANTARA/HO-Indonesian Ministry of Foreign Affairs)

JAKARTA - Indonesian Foreign Minister Retno Marsudi stressed the importance of the Association of Southeast Asian Nations (ASEAN) and its three partners -- China, Japan, and South Korea -- to strengthen cooperation for food security, energy, finance, and building a strong supply chain.

Foreign Minister Retno explained that ASEAN Plus Three (APT) is a mechanism for survival and is also a safety net for people living in 13 countries, according to a written statement from the Ministry of Foreign Affairs (Kemlu).

Therefore, said Foreign Minister Retno, it is important for APT to improve coordination in order to strengthen national efforts in dealing with the food, energy, and financial crises.

"We need to strengthen the Chiang Mai Initiative Multilateralization (CMIM) so that we can better anticipate the financial crisis in the region," said Retno at the APT ministerial meeting which took place in Phnom Penh, Cambodia, as reported by ANTARA Thursday, August 4.

Chiang Mai Initiative is a multilateral currency exchange arrangement among the ten ASEAN member countries, China (including Hong Kong), Japan, and South Korea.

Foreign Minister Retno further conveyed the importance of revitalizing the APT Emergency Rice Reserve (APTERR) food security cooperation, for example by adding more types of commodities such as wheat, soybeans, and corn.

Foreign Minister Retno also highlighted the essence of cooperation in strengthening supply chains considering that it is one of the keys to economic recovery.

According to Retno, several important things to cooperate are strengthening logistics infrastructure and diversifying the supply base.

Finally, Foreign Minister Retno conveyed the importance of APT's support for strengthening the downstream industry in ASEAN countries.

The meeting which took place in Phnom Penh also agreed on the ASEAN Plus Three Work Program for the next five years.

In addition to strengthening mechanisms for food security and financial stability, APT will also strengthen its Macroeconomic Research Office (ASEAN+3 Macro Economy Research Office) to monitor various economic and financial trends in the region, as well as discussions on APT's Reserves of Essential Medical Supplies.