Manila, May 4 (IANS): The Finance Ministers and central bank Governors of China, Japan and South Korea on Friday stressed the need to resist "all forms of protectionism".

They agreed to ensure "an open and rule-based multilateral trade and investment system" as they met on the sideline of the 51st annual meeting of the Asian Development Bank (ADB) in the Philippine capital here.

This comes in the backdrop of US President Donald Trump's protectionist talk on policies like hiking tariffs, abandoning the Trans-Pacific Partnership and warning to walk away from the North American Free Trade Agreement.

The business leaders discussed current economic developments and potential risk in financial markets and underlying economic conditions at the meet, Xinhua news agency reported.

In a joint statement issued at the end of the trilateral meeting, they called for "remaining vigilant against downside risks that may threaten the recovery in the global economy".

"We noted the risks posed by rising trade protectionism, faster-than-expected tightening in global financial conditions, and uncertainty of geopolitical tensions," the statement read.

They stressed on strengthening resilience against external shocks, and agreed to further enhance communication and coordination among the three Asian nations.

The finance leaders will next meet in Nadi, Fiji in May 2019.