Choo Kyung-ho Departs for G20 Finance Ministers Meeting... Holds Talks with EU, Australia, and India

G20 Finance Ministers and Central Bank Governors Meeting in India on 24-25

[Asia Economy Sejong=Reporter Joo Sang-don] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will depart for India on the 23rd to attend the 2023 1st G20 Finance Ministers and Central Bank Governors Meeting. During the business trip, Deputy Prime Minister Choo plans to hold bilateral talks with key finance ministers from the European Union (EU), Australia, and India on bilateral trade issues and multilateral cooperation such as the G20.

This meeting will be held under the slogan "One Earth, One Family, One Future," proposed by India, the G20 chair country this year, from the 24th to 25th in Bengaluru, India. The meeting will be attended by finance ministers and central bank governors from G20 member and invited countries, as well as representatives from major international organizations such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).

Choo Kyung-ho, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance.

The meeting will proceed with a total of three sessions and eight agenda items. Deputy Prime Minister Choo is scheduled to speak on Session 1's agenda on the international financial system and sustainable finance, and Session 3's agenda on the global economy and financial health.

Regarding the international financial system agenda, Deputy Prime Minister Choo plans to urge the expansion of the role of multilateral development banks (MDBs) not only in poverty reduction in vulnerable countries but also in responding to global crises such as climate change.

Additionally, on the global economy agenda, Deputy Prime Minister Choo will express concerns about the phenomena of global economic bloc formation and fragmentation, explaining the importance of minimizing bloc formation and fragmentation to promote global economic recovery, reduce disparities among countries, and ensure global economic integration and efficient supply chains. He will emphasize the importance of transitioning to a low-carbon economy from the perspective of responding to climate change and mitigating the energy crisis, and will call for G20 efforts toward this goal. On the health agenda, he is expected to speak on the importance of expanding healthcare personnel and equipment for rapid response in the event of future pandemics.

Deputy Prime Minister Choo will hold bilateral meetings with finance ministers from India, Australia, and the EU. On the first day of the meeting, the 24th, he will meet with India's Finance Minister Nirmala Sitharaman to discuss strengthening cooperation with the chair country on key G20 agendas and expanding economic cooperation between the two countries. The following day, Deputy Prime Minister Choo will meet with Australian Finance Minister Jim Chalmers to exchange views on global economic issues and cooperation on supply chains including energy and raw materials. On the same day, he will discuss bilateral trade issues such as the Carbon Border Adjustment Mechanism (CBAM) and economic cooperation measures with EU Finance Minister Paolo Gentiloni.

This year’s G20 finance-related meetings will begin with this meeting and include a total of four finance ministers' meetings (in February, April, July, and October) and one summit meeting (in September).