Hong Nam-gi Meets Yellen: "Positive Consideration for IPEF Participation"... 'Economic Diplomacy' Even on Final Business Trip of Term

"South Korean Government Strives to Encourage Many ASEAN Countries to Join IPEF"

[Asia Economy Washington (USA) = Reporter Kwon Haeyoung] On the 20th (local time), Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, met with Janet Yellen, U.S. Secretary of the Treasury, and stated, "The Korean government will also strive to have many ASEAN countries join the Indo-Pacific Economic Framework (IPEF)." As the longest-serving Minister of Economy and Finance in history, leading the economic team for 3 years and 5 months under the Moon Jae-in administration, he is handling external economic issues until the end of his term and engaging in 'economic diplomacy.'

During the meeting with Secretary Yellen held in Washington DC on the same day, Deputy Prime Minister Hong said, "Korea is also positively considering participation in the IPEF proposed by the United States."

IPEF is a regional comprehensive economic cooperation initiative proposed by the United States in October last year to jointly respond to new trade agendas such as digital, supply chains, and clean energy. During the meeting, both sides broadly exchanged views on bilateral and multilateral cooperation issues between Korea and the U.S., including IPEF.

Deputy Prime Minister Hong stated, "We highly appreciate the leadership shown by the United States to minimize the global impact of the Ukraine war, including economic sanctions against Russia." Secretary Yellen also expressed gratitude for Korea's participation in the sanctions.

Additionally, Deputy Prime Minister Hong conveyed support for the establishment of the Financial Intermediary Fund (FIF) under the World Bank to strengthen resources for pandemic prevention and response. Both sides agreed that discussions on future fund management and linkage with the Group of Twenty (G20) should take place.

Deputy Prime Minister Hong emphasized, "Korea will also contribute 900 million Special Drawing Rights (SDR) to the newly established Resilience and Sustainability Trust (RST) within the International Monetary Fund (IMF)," adding, "Rapid fund mobilization is necessary for the smooth operation of the RST."

Finally, Deputy Prime Minister Hong expressed gratitude for "the warm and strong leadership shown by Secretary Yellen." Secretary Yellen responded by positively evaluating the smooth cooperation between the two countries and Deputy Prime Minister Hong's leadership. Both sides concluded the meeting by agreeing that the Korea-U.S. alliance will become even stronger in the future.

Deputy Prime Minister Hong embarked on his final business trip near the end of his term on the 17th to attend the Climate Action Finance Ministers' Meeting, the G20 Finance Ministers and Central Bank Governors Meeting, and the International Monetary and Financial Committee (IMFC) meeting held in Washington DC. During this overseas trip, Deputy Prime Minister Hong met with finance ministers of major countries such as the United States and Spain, as well as international organizations, emphasizing the role of the international community in mitigating the impact of the Ukraine war and supporting vulnerable countries.

He also met with Standard & Poor's (S&P), an international credit rating agency, to explain the Korean government's efforts to enhance fiscal soundness, and plans to meet with MSCI, a global financial firm, to discuss Korea's inclusion in the Morgan Stanley Capital International (MSCI) Developed Markets Index. Subsequently, he will visit Singapore to discuss the issue of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with local authorities, continuing efforts to join the CPTPP until the end of his term.

This content was produced with the assistance of AI translation services.