Choi Meets with Polish, Canadian, and Chinese Ministers... "Need to Ensure Sustainability of Multilateral Trading System"

Various Activities and Meetings Held During U.S. Visit

Choi Sangmok, Deputy Prime Minister and Minister of Economy and Finance, who visited the United States to attend the Korea-U.S. 2+2 Trade Dialogue and the G20 Finance Ministers' Meeting, emphasized the need to establish a sustainable multilateral trading system amid growing concerns over U.S. tariffs. While in Washington D.C., he discussed cooperation measures with the finance ministers of Poland, Canada, and China, respectively.

Choi Sangmok, Deputy Prime Minister and Minister of Economy and Finance, is meeting with Andrzej Domaszewski, Polish Minister of Finance, at the International Monetary Fund (IMF) in Washington D.C., USA, on the 22nd (local time) for discussions. Ministry of Economy and Finance

'Significant Increase in Uncertainties Facing the Global Economy'

On the 23rd (local time), Deputy Prime Minister Choi attended the first day of the second G20 Finance Ministers and Central Bank Governors' Meeting of the year, held in Washington D.C., USA. At this meeting, he shared views with finance ministers and central bank governors from major countries on recent issues in the global economy and financial sector.

Deputy Prime Minister Choi expressed his agreement with the assessments of major international organizations and leading countries that the global economy is facing significantly heightened uncertainties, including increased policy uncertainty, high levels of public and private debt, instability in global financial markets, and risks related to climate and demographics.

He then identified three key areas that G20 countries should discuss in responding to the growing global economic crisis: joint efforts to establish a sustainable multilateral trading system; strengthening response systems to address increased financial market volatility; and structural reforms to secure mid- to long-term growth engines.

First, Korea emphasized that it is both a beneficiary of a barrier-free, liberal multilateral trading system and a key contributor to the global supply chain. Choi urged the international community to seek solutions to ensure the sustainability of the multilateral trading system, including the mitigation of global imbalances.

He also proposed that, to address concerns about increased financial market volatility, countries should pursue fiscal soundness while reviewing and strengthening the global financial safety net. He highlighted the importance of country-specific structural reform efforts to address structural crises such as demographic and climate challenges, and suggested that sharing best practices among G20 countries would be beneficial.

Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok (right) is meeting with Fran?ois-Philippe Champagne, Canadian Minister of Finance, at the International Monetary Fund (IMF) in Washington D.C., USA, on the 23rd (local time). Ministry of Economy and Finance

Defense and Economic Talks with Poland... Discussions on International Finance with China

During his visit to the United States, Deputy Prime Minister Choi held meetings with finance ministers from major countries and heads of international organizations. Upon arriving in Washington D.C. on the 22nd, he met with Andrzej Domaszewski, Polish Minister of Finance, whose country currently holds the rotating presidency of the European Union. They discussed ways to strengthen bilateral defense cooperation, including the export of K2 tanks, as well as measures to enhance economic cooperation between the two countries. Choi also expressed his hope for the successful conclusion of the second K2 tank export contract.

Deputy Prime Minister Choi also met with Ajay Banga, President of the World Bank (WB), and agreed to expand cooperation in the digital sector to mark the 70th anniversary of Korea’s membership in the WB Group. This includes the establishment of a WB Korea Office Digital Knowledge Center and the creation of a Korea Digital Trust Fund within this year. In addition, he exchanged views on global uncertainties with Fran?ois-Philippe Champagne, Canadian Minister of Finance, whom he met at the G20 venue.

On the 23rd, Choi held talks with Lan Foan, Chinese Minister of Finance, exchanging views on key international financial issues, including cooperation with multilateral development banks (MDBs). He also proposed bilateral cooperation to ensure the success of the ASEAN+3 Finance Ministers' Meeting, which China will host next month. Furthermore, he requested China’s cooperation for the successful hosting of the APEC Finance Ministers' Meeting, for which Korea is serving as chair this year.

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