Finance ministers and central bank governors of East and Southeast Asian countries discussed the threat of trade frictions and rising protectionism on Friday and pledged to stay vigilant and work preemeptively to avert threats to the global economy.

In a statement after the meeting of the ASEAN plus three on the sidelines of the annual Asian Development Bank meeting in Manila, representatives of the 13 countries said protectionism, geopolitical tensions and a faster-than-expected tightening in global financial conditions were adding to uncertainty about recovery.

"These risks, individually or collectively, threaten the recovery in the global economy, and could induce large capital outflow and financial volatility in our region," they said.

The ASEAN plus three includes the 10 Association of South East Asian Nations members and Japan, China and South Korea.