Choo Kyung-ho's First Overseas Trip is to Indonesia... Attending the G20 Finance Ministers Meeting

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will depart for Bali, Indonesia on the 14th to attend the G20 Finance Ministers and Central Bank Governors Meeting. During his first overseas trip since taking office, Deputy Prime Minister Choo plans to hold bilateral talks with the IMF Managing Director and finance ministers of key countries including India, Indonesia, and Singapore.

The G20 Finance Ministers Meeting, held in a hybrid format of in-person and virtual sessions on the 15th and 16th in Bali, will be attended by finance ministers and central bank governors of G20 member countries as well as representatives from major international organizations such as the IMF and the OECD.

The meeting consists of seven sessions covering the global economy, health, international financial system, financial sector, sustainable finance, infrastructure, and international taxation. Deputy Prime Minister Choo will present Korea’s position on key issues in five of these sessions.

In the global economy session, he will emphasize the principles of free trade and balanced recovery between advanced and developing countries to address the complex crises caused by the Ukraine war, including global inflation and financial instability. In the health session, he will urge the prompt operation and support of the Pandemic Fund (FIF), which is actively discussed at the G20 level to strengthen global pandemic response capabilities.

In the international financial system session, he will highlight the need for stable management of global capital flows and swift debt relief for vulnerable countries. In the sustainable finance session, he is expected to stress the strengthening of momentum toward carbon neutrality and related policy efforts.

Finally, in the international taxation session, he will propose that the digital tax (Pillar 1) be designed flexibly to minimize the burden on companies and explain Korea’s preparedness.

Additionally, on the 15th, Deputy Prime Minister Choo plans to meet with Sri Mulyani Indrawati, Indonesia’s Finance Minister and chair of this year’s G20, to discuss major G20 agendas and bilateral trade cooperation measures amid global supply chain disruptions.

On the same day, he will exchange views with Lawrence Wong, Singapore’s Deputy Prime Minister and Finance Minister, on bilateral economic cooperation, strengthening regional financial cooperation such as ASEAN+3, and the recently launched Indo-Pacific Economic Framework (IPEF).

On the 16th, he will hold talks with Nirmala Sitharaman, India’s Finance Minister and next year’s G20 chair, to explore directions for the G20 finance track operation next year and ways to expand economic cooperation between Korea and India, including the Economic Development Cooperation Fund (EDCF).

He will also meet with IMF Managing Director Kristalina Georgieva to convey Korea’s views on major IMF issues such as the current state and outlook of the global economy and the operation of the Recovery and Sustainability Trust (RST) fund.

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