Asean ministers in talks to set up South-east Asia's first 'catastrophe risk pool'

[Manila] THE foreign ministers and central bank governors of Asean and three East Asian partner countries vowed yesterday to push back against protectionist measures they warned could derail world economic recovery.

"We. . . recognise the importance of resisting all forms of protectionism," they said in a joint statement they issued on Friday at the 21st Asean+3 Finance Ministers' and Central Bank Governors' Meeting here. Asean+3 refers to South-east Asia's 10 economies, China, Japan and South Korea.

Earlier in the day, Asean's finance ministers met to discuss setting up South-east Asia's first "catastrophe risk pool" which aims to narrow the "protection gap".