Launch of Yoon Government Economic Relations Vice Ministers' Meeting... First Agenda Item: 'Price' Response

The 1st Vice Ministers' Meeting on Economic Relations

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] The government has launched a vice minister-level meeting body to accelerate practical responses to economic issues and took price stabilization as its first agenda. It plans to devise additional supply and demand stabilization measures for grains such as wheat and closely monitor items that have recently seen sharp price increases, including cooking oil, eggs, pork, and petroleum products.

Bang Gi-seon, First Vice Minister of the Ministry of Economy and Finance, chaired the '1st Economic Relations Vice Ministers' Meeting' on the morning of the 20th at the Export-Import Bank in Yeongdeungpo-gu, Seoul, stating, "With a special awareness that stabilizing prices and livelihoods is the top priority of the new government's economic policy, we have placed prices as the first agenda of the Economic Relations Vice Ministers' Meeting and will discuss trends and response directions by major sectors."

Vice Minister Bang expressed concern, saying, "The recent price conditions our economy faces are not easy. With energy and raw material prices expected to remain high and consumption recovery following the easing of quarantine measures, severe price conditions are likely to persist for some time."

He emphasized, "The government recognizes that alleviating the burden on citizens' livelihoods is the most urgent task for the economic team, and we will make every effort to curb the rising price trend."

Vice Minister Bang said, "We will seek additional supply stabilization measures along with support reflected in the recent supplementary budget, such as differential support for wheat and fertilizers and expanded funds for purchasing food and feed raw materials, focusing on areas closely related to citizens' daily lives. In particular, we will closely monitor prices and supply-demand trends for cooking oil, eggs, pork, and petroleum products, which are of high public interest, and respond promptly if necessary."

To this end, the government plans to operate a 'Price Stabilization Inter-Ministerial Task Force (TF)' regularly to promote key tasks by each ministry for price stabilization. Furthermore, Vice Minister Bang said, "At a more fundamental level, we plan to identify and swiftly resolve structural market improvement tasks such as supply chain management, distribution advancement, and competition promotion. Under the current price conditions, inter-ministerial cooperation is more important than anything else. We ask for active participation and support from all ministries," reiterating his request.

The Economic Relations Vice Ministers' Meeting launched today integrates the previously dispersed vice minister-level meetings on topics such as prices and real estate. Vice Minister Bang explained that it will be operated as a meeting body to practically coordinate key economic issues and discuss the implementation and supplementation of announced major policies. Participants include vice ministers from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of the Interior and Safety, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Environment, Ministry of Employment and Labor, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Office for Government Policy Coordination, Fair Trade Commission, Financial Services Commission, and the Deputy Commissioner of Statistics Korea.