New action of ASEAN +3 to counter the impact of the financial crisis.
  The finance ministers of ASEAN+3, which is composed by the 10 ASEAN  had noted that while Asian economies were in a better position to face challenges, due to the structural reforms undertaken since the Asian financial crisis(1997), they recognized the regional economy was now facing great challenges.
The current severe economic downturn of the global economy, coupled with heightened risk aversion in financial markets, has adversely affected the region.
 On 22 Feb 2009,n its joint statement after a meeting(see www.aseansec.org),  in the Thai resort island of Phuket, the ASEAN+3 countries agreed to prepare the precautionary measures by expanding their cooperation fund to US$120 billion from $84 billion worth of foreign exchange reserves under the Chiang Mai Initiative framework signed in 2000.
Japan, China and South Korea will supply 80 percent of the fund, and ASEAN members the remaining 20 percent. Details on the contribution of each countries are still undecided.
ASEAN+3 includes the 10 member states of ASEAN — the Philippines, Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos — and the three East Asian nations of Japan, China and Republic of Korea.
The group has a total population of 2 billion people, a combined GDP of $9.09 billion, and foreign reserves of $3.6 trillion. Effectively, ASEAN+3 represents one-third of the world’s population, 16 percent of the world’s GDP, and holds more than half of the world’s reserves.