Deputy Prime Minister Choi Sang-mok, "Korea-US-Japan Must Cooperate to Address Financial Instability"

17th (local time) Korea-US-Japan Finance Ministers Meeting

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, stated on the 17th (local time) at the Korea-U.S.-Japan Finance Ministers' Meeting held in Washington D.C. that “the three countries need to actively cooperate to respond to financial instability that may arise from uncertainties in the real economy.” This first-ever Korea-U.S.-Japan Finance Ministers' Meeting was attended by U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki.

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is speaking about the response direction to the escalating tensions in the Middle East at the Emergency Economic Ministers' Meeting held on the 15th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

Deputy Prime Minister Choi said, “I believe that starting with this first Korea-U.S.-Japan Finance Ministers' Meeting, economic and financial cooperation among the three countries will gradually strengthen and expand,” adding, “I hope that ministerial-level meetings, as well as future working-level cooperation, will continue to be strengthened to establish channels for sharing information and coordinating concrete policy cooperation among the three countries.” He also stated, “The three countries must actively cooperate in reforms of multilateral development banks and play a meaningful role in addressing global challenges such as the climate crisis and sustainable growth.”

Deputy Prime Minister Choi remarked, “In recent years, we have witnessed geopolitical tensions and conflicts becoming increasingly complex and normalized, continuously impacting the global economy,” and added, “While multilateral trade has prioritized efficiency, economic security has become another policy goal amid supply chain disruptions.” He emphasized, “Regarding supply chain disruptions caused by factors threatening a stable trade and economic order, we must strategically respond through close dialogue and solidarity among the three countries.” He further added, “Continuous communication among the three countries will lead to discovering new opportunities and proactive crisis management, creating larger and safer markets.”