Choo Kyung-ho "We Must Expand Korea-China-Japan Cooperation... It Will Become the Engine of Global Economic Recovery"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is seen conversing with officials at the Korea-US Cluster Roundtable held at a hotel in Boston on the 28th of last month (local time).
[Image source=Yonhap News]

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Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho emphasized on the 2nd at the 23rd Korea-China-Japan Finance Ministers and Central Bank Governors Meeting held in Songdo, Incheon, "Let us actively expand cooperation among the three countries in various fields such as finance, tourism, and culture."

In his opening remarks, Deputy Prime Minister Choo said, "As emphasized at the recent G20 meeting, the global economy is currently facing ongoing uncertainty due to increased volatility in the financial sector, persistent high inflation, continuing geopolitical tensions, and the lingering negative effects of the pandemic."

The Korea-China-Japan Finance Ministers and Central Bank Governors Meeting is the first face-to-face meeting in four years since 2019. Attendees included Japan’s Finance Minister Suzuki Shun, China’s Vice Minister of Finance Wang Dongwei, and Bank of Japan Governor Ueda Kazuo.

Deputy Prime Minister Choo stated, "At a critical turning point for the global economy, cooperation among Korea, China, and Japan is important not only for each country but also for the ASEAN+3 region and the world at large," emphasizing, "The three countries account for more than 20% of the global economy and represent 80% of the ASEAN+3 region’s economy."

He continued, "If Korea, China, and Japan actively cooperate in the spirit of mutual respect and reciprocity for sustainable growth and shared prosperity, they can effectively address the challenges they face and positively impact the three countries, ASEAN, and the global community," adding, "Korea-China-Japan cooperation can be the engine for a rapid and sustainable recovery of the world economy."

Deputy Prime Minister Choo said, "In this regard, taking advantage of the global reopening, we must actively expand cooperation among Korea, China, and Japan not only in economic areas such as finance, trade, and investment but also in various fields including tourism, culture, human exchanges, and policy coordination," and added, "Korea will play a proactive role in this effort."

He also noted, "President Yoon Suk-yeol of Korea emphasized in March the resumption of the Korea-China-Japan Summit Meetings, which had been suspended since 2019, to jointly work for regional peace and development," and added, "I firmly believe that the resumption of the Korea-China-Japan Summit Meetings will be an important opportunity for the leaders to candidly discuss various issues and deepen and broaden trilateral cooperation."

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