Home > National > Diplomacy

Deputy finance ministers from Asean Plus Three meet to discuss Iran war impact

Published: 09 Apr. 2026, 13:15 Updated: 09 Apr. 2026, 14:02

Korean President Lee Jae Myung, sixth from left, poses for a photo with leaders of the Association of Southeast Asian Nations (Asean) during the Korea-Asean summit in Kuala Lumpur, Malaysia, on Oct. 27, 2025. [JOINT PRESS CORPS]

Deputy finance ministers from Korea, China, Japan and the Association of Southeast Asian Nations (Asean) shared their assessments of the economic impact and government responses amid uncertainty stemming from the Iran war, Seoul's Finance Ministry said Thursday.

Their talks came during the Asean Plus Three Finance and Central Bank Deputies' Meeting, held virtually Wednesday, according to the Ministry of Finance and Economy. Korea was represented by Moon Ji-sung, deputy minister for international economic affairs.

During the meeting, major economic organizations, such as the International Monetary Fund and the Asian Development Bank, warned that the global economy faces significant downside risks due to rising geopolitical tensions in the Middle East region.

They also emphasized the need for swift, targeted fiscal support to address growing uncertainty and assist vulnerable groups, along with monetary policy responses and efforts to strengthen economic resilience.

The participating countries shared their assessments and exchanged views on domestic economic impact and their respective policy responses, the ministry said.

Moon outlined Seoul's ongoing efforts to stabilize prices and support vulnerable groups, including the recent implementation of a price cap on petroleum products and its push for a supplementary budget without issuing government bonds.

Moon also proposed closer coordination among regional members, noting that the Iran war poses a shared risk, and suggested real-time information sharing on policy responses.

Participants also discussed ways to further develop the Chiang Mai Initiative Multilateralization, a $240 billion currency-swap arrangement established in 2010 as a regional financial safety net.

The outcomes of the deputy ministers' meeting are expected to be finalized at the upcoming Asean Plus Three Finance Ministers and Central Bank Governors Meeting, scheduled to take place in Samarkand, Uzbekistan, in May.

Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Yonhap