Korea-UK Economic and Financial Dialogue: "Overcoming Middle East Economic Waves Together"

Assessing the Impact and Sharing Response Efforts

The financial authorities of Korea and the United Kingdom met to assess the potential impact of the Middle East situation on both economies and to share response measures.

Choi Ji-young, Director of International Economic Affairs at the Ministry of Finance and Economy, held the 2nd Korea-UK Economic and Financial Dialogue with Lindsay White, Deputy Director of International Finance at the UK Treasury, in Seoul on March 19.

Choi Ji-young, Director General for International Economic Policy at the Ministry of Economy and Finance, is greeting by shaking hands with Lindsay White, Deputy Director for International Finance at the UK Treasury, at the '2nd Korea-UK Economic and Financial Dialogue' held on the 19th at the Government Complex Seoul in Jongno-gu, Seoul. Ministry of Economy and Finance

The Korea-UK Economic and Financial Dialogue is an economic and financial consultative body between the two countries' ministries of finance, established following the leaders' agreement in November 2023. Its goals are to expand economic and financial cooperation and to strengthen policy coordination. After the establishment of the consultative body in September 2024, the first meeting was held at the UK Treasury.

At this meeting, both sides exchanged broad views on major issues in the economic and financial sectors, including recent macroeconomic trends, each country’s policy priorities, financial services and regulation, economic security, and multilateral cooperation.

In particular, the two sides assessed the potential impact that developments in the Middle East—a key factor increasing volatility in the international financial markets—could have on the global economy and on both countries. They also shared their governments' efforts to minimize any negative effects.

Both parties agreed that, with the global economic environment changing rapidly due to geopolitical tensions and the digitalization of finance, it is necessary to enhance mutual understanding and further strengthen cooperation by discussing a wide range of areas, including supply chains and financial services.

In the area of multilateral cooperation, the United Kingdom and Korea, as the respective chairs of the G20 in 2027 and 2028, agreed to maintain ongoing communication on key issues and to enhance cooperation at multilateral forums such as the G20 and G7.

The ministries of finance of both countries also agreed to continue holding the Korea-UK Economic and Financial Dialogue on a regular basis to maintain policy communication in the economic and financial sectors and to strengthen coordination on global issues. The Ministry of Finance and Economy plans to continue reinforcing bilateral economic and financial cooperation channels this year to enhance mutual understanding with the UK in the economic field.

Choi Ji-young, International Economic Management Officer of the Ministry of Strategy and Finance, is giving opening remarks at the "2nd Korea-UK Economic and Financial Dialogue" held on March 19 at the Government Seoul Complex in Jongno-gu, Seoul. Ministry of Strategy and Finance

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