Trilateral Finance Ministers Meeting in Washington D.C.
Deputy Prime Minister Choi: "Trilateral Cooperation on Multilateral Development Bank Reform and More"
Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 17th (local time) during the opening remarks at the Korea-U.S.-Japan Finance Ministers Meeting held in Washington D.C., USA, that “the three countries need to actively cooperate to respond to financial instability that may be caused by uncertainties in the real economy.” Attending the Korea-U.S.-Japan Finance Ministers Meeting, held for the first time ever, were U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Suzuki Shunichi.
Deputy Prime Minister Choi said, “Starting with this first Korea-U.S.-Japan Finance Ministers Meeting, I believe economic and financial cooperation among the three countries will gradually strengthen and expand,” adding, “I hope that not only ministerial-level meetings but also future working-level cooperation will continue to be strengthened, establishing a channel for sharing information and coordinating concrete policy cooperation among the three countries.” He further stated, “The three countries should 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 emphasized, “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 continued, “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 also added, “Continuous communication among the three countries will lead to discovering new opportunities and proactive crisis management, creating larger and safer markets.”
Treasury Secretary Yellen stated, “I believe there is room to deepen trilateral cooperation on key regional and global goals such as expanding resilient supply chains, responding to economic coercion, and preventing sanction evasion.” She expressed, “I am pleased to confirm the importance of trilateral relations here in Washington and to have the opportunity to advance these goals,” and said, “I look forward to in-depth discussions on important Korea-U.S.-Japan issues, support for Pacific island countries, cooperation with international financial institutions, and securing domestic and international prosperity and resilient growth.”
Finance Minister Suzuki also said, “International affairs are becoming more complex with issues such as North Korea, the worsening situation in the Middle East, and the ongoing Russia-Ukraine war,” and added, “Given this background, close communication is important, and I look forward to strengthening Korea-U.S.-Japan cooperation by discussing the global economy and common challenges together.”
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