The Ministry of Economy and Finance announced on the 16th that Deputy Prime Minister Choi Sang Mok will depart for the U.S. to attend the trilateral finance ministers’ meeting.
This finance ministers’ meeting follows up on the trilateral summit held last August at Camp David in the U.S.
At that time, President Yoon Suk Yeol of South Korea, President Joe Biden of the U.S., and Prime Minister Fumio Kishida of Japan agreed to establish a trilateral finance ministers’ meeting. The intention is to expand and develop financial and foreign exchange cooperation that has been conducted on a bilateral basis, such as between South Korea and the U.S. and South Korea and Japan, to a trilateral level.
Deputy Prime Minister Choi, U.S. Treasury Secretary Janet Yellen, and Japanese Finance Minister Shun’ichi Suzuki are expected to discuss ways to cooperate for global economic stability, continuing the dialogue from the last summit.
It will be noteworthy whether a joint message for macroeconomic stability is released as the strong dollar phenomenon continues with increasing unrest in the Middle East and forecasts the delay of the U.S. interest rate cut.
After this meeting, Deputy Prime Minister Choi will attend the G20 Finance Ministers’ Meeting.
He plans to propose the need for enhanced cooperation with the private sector to achieve carbon neutrality and to suggest ways to improve the international financial system, such as reforming multilateral development banks for sustainable growth.
Follow-up measures for supporting Ukraine will also continue.
At the Ukraine Support Roundtable, he will reveal follow-up measures for a $2.3 billion aid pledge, meet with Ukrainian Finance Minister Serhiy Marchenko, and sign a basic agreement for the Economic Development Cooperation Fund (EDCF).
He will explore cooperation through bilateral talks with Japanese Finance Minister Shunichi Suzuki and discuss the World Bank’s (WB) development plan at the WB Development Committee meeting.
He will also meet with the Managing Director of the International Monetary Fund (IMF) and hold a signing ceremony for South Korea’s contribution to the Poverty Reduction and Growth Trust (PRGT).
He plans to have bilateral talks with the President of the World Bank, the Inter-American Development Bank (IDB) President, and representatives from Standard & Poor’s (S&P) and other institutions.
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