Choo Kyung-ho "Hope for Prompt Restoration of Japan's Whitelist... Need to Strengthen Cooperation Between Financial Authorities"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho emphasized on the 2nd at the Korea-Japan Finance Ministers' Meeting held in Songdo, Incheon, that "he hopes Japan's restoration of the whitelist will be completed promptly."

In his opening remarks at the Korea-Japan Finance Ministers' Meeting held for the first time in seven years, Deputy Prime Minister Choo said, "It is very encouraging that changes in the atmosphere between the two countries are being detected, such as the normalization of export regulations between the two countries, increased flights, and the resumption of industrial exchanges after the summit."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is shaking hands and greeting Suzuki Shunichi, Japan's Minister of Finance, ahead of their bilateral meeting on the 2nd at Songdo Convensia in Incheon.

The official restoration of the dialogue channel between the financial authorities of Korea and Japan is the first in seven years since the meeting between Yoo Il-ho, then Deputy Prime Minister and Minister of Economy and Finance, and Taro Aso, Japan's Deputy Prime Minister and Minister of Finance, in August 2016.

Deputy Prime Minister Choo explained, "Dialogue and communication between the financial authorities of the two countries are expanding, such as holding the Korea-Japan Finance Ministers' Meeting for the first time in seven years. Japan and Korea share universal values such as freedom and human rights, and since they place free trade and market economy at the core of economic management, there are many areas for cooperation at both government and private levels."

He added, "It is necessary to further accelerate the recovery of human exchanges between the two countries through additional flight increases, expansion of exchanges among future generations such as high school and international students, and the restoration and expansion of dialogue channels at both private and government levels."

He also said, "We must strengthen partnerships at both private and government levels in areas that can create mutual benefits, such as advanced industries like semiconductors and batteries, new industries like quantum, space, and bio, joint entry into the global order market, and future responses such as low birthrate, aging population, and climate change."

He emphasized the need to strengthen cooperation between the financial authorities of Korea and Japan on global issues as well.

Deputy Prime Minister Choo said, "Shuttle diplomacy between Korea and Japan leaders has been restored for the first time in 12 years, and Japan inviting Korea to the Group of Seven (G7) summit and G7 Finance Ministers' Meeting marks a new turning point in bilateral relations. We must continue to develop this cooperation."

He added, "Although we have cooperated on supporting developing countries and regional development on multilateral stages such as the Group of Twenty (G20), International Monetary Fund (IMF), and ASEAN+3, we must also strengthen cooperation between financial authorities regarding recently emerging geopolitical risks and supply chain instability."

In conclusion, Deputy Prime Minister Choo said, "I hope that the financial authorities of both countries will continuously communicate by sharing experiences and proposing ideas in the process of preparing for and resolving various complex issues."