- regional trade rose from 28 % to 39 % during the same period. overall, intra - regional trade in south - east asia and east asia has about the same volume as intra - regional trade in europe and north, which is significantly more than either regions at the outset of their integration efforts. these developments reflect the deeper and considerably strengthened trade and investment linkages within the asian region. of greater significance in this recent decade is that regional efforts have transcended trade and investment areas toward an intensification of financial cooperation. the importance of regional financial collaboration was recognised, not only to provide a platform for regional development through channelling part of the high savings in asia to be invested in asia, but also as a safeguard against the vagaries of global markets. extensive efforts have now been put in place in the areas of surveillance, liquidity support arrangements, crisis management framework, the development of financial markets and other financial infrastructure, capital account liberalisation, financial services liberalisation, development of regional payment and settlement systems, as well as training and capacity - building. broadly, economic and financial surveillance, aimed at identifying regional risk sources and vulnerabilities have been undertaken to enhance vigilance as prevention to potential financial crises and enable prompt corrective actions. several forums, including the executives'meeting of east asia and pacific central banks ( emeap ), asean and asean + 3, undertake extensive discussions on these issues. an integrated regional crisis containment, management and resolution framework has also been established, which is also complemented with mutual support arrangements and liquidity support mechanisms, such as the chiang mai initiative ( cmi ) launched 2000. the cmi, comprising of the asean swap arrangement and a network of bilateral swap arrangements among the asean + 3 countries, makes available financial resources in a timely manner to members facing temporary balance of payments and short - term liquidity constraints. it was first agreed in 2005 that the cmi would be multilateralised in all main components of the arrangement, and more recently in 2009, the total size of the facility has been increased to usd120 billion. considerable efforts have also been placed in regional financial market development, especially for a deeper and more liquid secondary bond market. on the supply side, the asian bond market initiatives ( abmi ) seeks to develop deeper and more liquid capital markets that facilitate the channelling of the large pool of savings in the region to fund productive investments, thereby enabling further regional economic development. recently, the establishment of a credit guarantee

transition paths. global coordination to improve climate equity let me close with a final point on global coordination. as countries embark on different national transition paths at varying paces, a global challenge is the disproportionate impact on emerging economies. this makes it more difficult for them to control their own transition path due to economic and financial linkages2. this reality calls for a more coherent global coordination to galvanise collective actions, with stronger link to the ndcs3 under the paris agreement, that would help improve climate equity and mitigate risks of disorderly transitions. this would compel countries that generate transition spillovers to provide financing, technology and capacity building support to assist smaller and developing countries to adapt to climate change and take mitigating actions. this, in our view, is a step towards a more equitable and effective global mechanism to respond climate risk at a faster pace. thank you. 1 a platform to set the direction, to discuss climate change policies and actions, to drive green economic growth, to catalyse green technology and low - carbon growth at all levels, particularly in the federal and state governments. for example, measures to cut global ghg emissions ( e. g. removing fossil fuel subsidies, emission caps and carbon taxes ) could lead to higher risk of stranded assets in emerging and developing countries given their heavy reliance on fossil fuels. 3 nationally determined contributions. 3 / 3 bis central bankers'speeches