There are also frameworks such as APEC that extend to areas outside Asia. In the financial context, the Chiang Mai Initiative Multilateralisation (CMIM), a regional financing arrangement involving Japan, China, South Korea, and the 10 ASEAN member countries, has made steady progress in enhancing its effectiveness, thereby contributing to financial stability within the region.
Central bank fora, including EMEAP and SEACEN, have also been effective. The COVID-19 pandemic has highlighted the importance of regional as well as international cooperation in implementing appropriate measures in response to economic shocks. External shocks with far-reaching effects, such as climate change, also require coordinated action. Going forward, regional and international cooperation will become even more essential.