Japan, China and South Korea plus the 10-member Association of Southeast Asian Nations have reaffirmed their "full commitment" to free multilateral trade. This comes amid concern that US tariff measures might deal a blow to their region's economy.



Finance chiefs and central bank governors of the ASEAN+3 countries compiled a joint statement during their meeting in Italy on Sunday.



The document argues that their region's economic outlook is "subject to heightened uncertainties."



It says, "Escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment, and capital flows across the region."



It states that the officials reaffirm their "full commitment to multilateralism, and a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization at its core."



The statement also says the officials "will promote greater intra-regional trade and investment flows."



Japan's Finance Minister Kato Katsunobu told reporters after the meeting that Japan will strongly urge the US to review its tariff arrangements.



He added that officials of the ASEAN+3 nations should exchange opinions and cooperate with their counterparts from the region and beyond.