2018-04-26 13th ASEM Finance Ministers’ Meeting
BULGARIA HOSTED THE 13TH ASIA-EUROPE FINANCE MINISTERS’ (ASEM) MEETING
The 13th Asia-Europe (ASEM) Finance Ministers’ meeting. took place in Sofia on 26 April 2018. The ministers discussed the taxation of the digital economy, global economic development and cyber-risks to the financial system.
“Europe and Asia need to continue and deepen their cooperation, focusing on the new challenges to the achievement of a more sustainable global, regional and national growth”, said the Bulgarian Minister of Finance Vladislav Goranov at the opening of the meeting, which was held at the National Palace of Culture as part of the calendar of the Bulgarian Presidency of the Council of the EU. Minister Goranov pointed out that the event gathered politicians from two different regions who encountered similar problems and had similar chances. According to him, in addition to the risks specific to each region, both continents shared common risks from geopolitical tensions and possible financial market stresses requiring a sustained policy response.
The main topics on the agenda of the ASEM Finance Ministers’ meeting included the taxation of the digital economy, global economic development and cyber risks to the financial system. Ministers agreed on the need for further work and for the establishment of policies and regulations that allow citizens to see the benefits of globalisation, technological change and digitalisation. The delegates also discussed and adopted a Communiqué which will be published on the website of the Bulgarian Presidency and on the ASEM website.
Finance Minister Goranov underlined that with the growing interdependency and the higher degree of connectedness of the world, taking informed decisions and actions is becoming a matter of primary importance.
“We have to restructure and adapt the economies to the changing environment and to the new realities. It is a challenge but also a privilege for us to be part of the transformation and make our input to moving the global economic and financial infrastructure to its next level of development”, Minister Goranov stated.
SOFIA WELCOMES ASEM FINANCE MINISTERS
The 13th ASEM Finance Ministers’ Meeting will be held on 26 April 2018 in Hall 3 of the National Palace of Culture in Sofia.
The taxation of the digital economy, the global economic development and the financial system cyber-risks will be discussed during the meeting. It will be hosted by the Minister of Finance Vladislav Goranov and will be attended by delegates from the ASEM member states and representatives from partner organisations such as the Vice President of the European Commission Valdis Dombrovskis, the IMF First Deputy Managing Director David Lipton, the Chief Executive Director of the European Financial Stability Facility and Managing Director of the European Stability Mechanism Klaus Regling. The delegates will adopt an official statement which will be released.
ASEM is a political forum which consists of 53 partners (states and organisations) from Asia and Europe. It is based on the principle of informality and is a framework for constructive dialogue and a laboratory for ideas which fosters political, economic, social and cultural cooperation between the two continents. ASEM accounts for no less than 60 % of global GDP, 60 % of global population and 60 % of global trade.