It is Japan's turn next to host the meeting, which involves its Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and South Korean President Moon Jae In.
The Chiang Mai Initiative is a currency swap agreement among the finance ministries and central banks of ASEAN members states, Japan, China, and South Korea that aims to provide financial support for short-term liquidity problems.
The East Asia Summit meeting was scheduled to issue a chairman's statement on Tuesday that condemns North Korea, a nation that continues to develop nuclear weapons and missiles, according to a draft obtained by The Yomiuri Shimbun.
November 13, 2017 (EIRNS)-Following a bilateral meeting today on the sidelines of the ASEAN forum in Manila with the Chinese Prime Minister Li Keqiang, South Korea's President Moon Jae-in, expressing hope their talks will further speed up the normalization of their ties, said "I believe we have created a chance to quickly normalize the countries' relationship through my talks with President Xi Jinping". But though the North has said it may be open to dialogue, it hasn't responded to invitations to take part in the Olympics. In his remarks, he said that "the culture of tolerance and understanding among us [provides] space for positive dialogue".
"I wish my talks with you, prime minister, today will be a valuable chance to discuss specific ways to expand our cooperation on issues of mutual interest, and also normalize the countries' practical cooperation in areas such as economy, trade and cultural, personnel exchanges that had been partially reduced over the past year", Moon said.
Also on Saturday, the US and South Korea launched a joint naval drill in a show of strength against the North's leader Kim Jong-un.
The South Korean president expressed hope his talks with Li will further speed up the normalization of their ties.
Moon insisted his summit with Xi, held on the sidelines of the APEC summit in Danang, marked a fresh start in the countries' bilateral relations.
During Saturday's summit, Moon and Xi also agreed to quickly normalise bilateral exchanges in all sectors, Yoon added, repeating what was said in the agreement announced last month when the two countries agreed to end a year-long standoff over the deployment of a US anti-missile system. "They do not deviate from the scope of the joint statement on THAAD issued on October 31", said a senior the official, who was present during the summit.
The leaders of South Korea and the Philippines have agreed to further strengthen relations of their countries and closely cooperate in diverse areas.
Highlighting the apparent end of the months-long dispute, Moon has agreed to visit China next month for what will be his third bilateral summit with the Chinese leader since taking office in May.
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