Finance Minister Koo Calls for ASEAN+3 Cooperation Amid Middle East War Uncertainty

SEJONG, May 3 (Yonhap) -- Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the U.S.-Israeli war against Iran, the finance ministry said. Koo made the call during the 29th meeting of ASEAN+3 finance ministers and central bank governors held Sunday in Samarkand, Uzbekistan, according to the ministry. ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian dialogue partners -- South Korea, Japan and China. "The Middle East war has further expanded regional economic uncertainty," Koo said. "Against this backdrop, ASEAN+3 cooperation, which has served as a buttress during a regional crisis, is becoming increasingly important." The finance minister said the Middle East crisis poses a threat to the South Korean economy, highlighting the government's efforts to prop up the economy, including the creation of the 26.2 trillion-won (US$17.7 billion) extra budget. Separately, Koo chaired a trilateral meeting of finance ministers and central bank governors from South Korea, China and Japan. He also called for stepped-up cooperation among the three nations in dealing with downside economic risks from the Iran war, according to the ministry.