Korea-Singapore High-Level Economic Policy Meeting Resumes After 8 Years

[Asia Economy Sejong=Reporter Kim Hyewon] The Ministry of Economy and Finance announced on the 18th that it will hold the 8th Korea-Singapore High-Level Economic Policy Meeting with the Ministry of Finance of Singapore on the 21st.

The meeting is an annual consultation channel to promote cooperation in economic and financial fields between the two countries. It was held annually between the two countries from 2008 to 2014 but was suspended thereafter and resumed this year after eight years.

This year's meeting will be held in Korea, chaired by Kim Sung-wook, Director General for International Economic Affairs. From Singapore, Deputy Secretary Yee Ping Yi will attend as the chief representative.

The meeting consists of four sessions: ▲ recent economic trends, outlook, and policy tasks, ▲ ASEAN+3 regional financial cooperation, ▲ sovereign wealth fund management, and ▲ sustainable finance and cooperation through multilateral development banks.

In particular, the two countries will exchange opinions on key ASEAN+3 financial cooperation agendas such as measures to enhance the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM), the ASEAN+3 financial safety net, and strengthening the capacity of the ASEAN Macroeconomic Research Office (AMRO).

In the final session, discussions will cover sustainable finance-related agendas such as green bond issuance and the ASEAN green taxonomy, as well as issues related to multilateral development banks including the World Bank (WB) pandemic fund and the Asian Infrastructure Investment Bank (AIIB).

The Ministry of Economy and Finance stated, "Both Korea and Singapore have high trade dependence and share the commonality of being greatly affected by changes in external conditions, so this meeting will allow for in-depth discussions on recent global and regional economic and financial issues." It added, "Singapore is the location of AMRO and serves as a geographical hub for ASEAN+3 cooperation as well as playing an important role in coordinating interests among ASEAN countries. Enhancing cooperation between the two countries will help reflect our position on key ASEAN+3 agendas to the fullest and lead related discussions." As of last year, the trade dependence relative to GDP was 69.6% for Korea and 217.4% for Singapore.

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