Korea, US, and Japan Finance Ministers Adopt Joint Statement on Economic Cooperation

A joint statement was adopted at a meeting in Washington

“We are aware of concerns about a rapid depreciation of those won”

Targeting China: “Responding to non-market economic practices through cooperation”

“Russia develops weapons, uses independent sanctions”

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Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok, who is visiting Washington, DC to attend the G20 Finance Ministers’ Meeting and the IMF/WB Spring Meeting, attended the ‘1st Korea-US-Japan Finance Ministers’ Meeting ‘ held at the US Treasury on the 17th (local time). Before the start of the meeting, a commemorative photo is taken with Deputy Prime Minister Choi Sang-mok (from right), US Treasury Secretary Janet Yellen, and Japanese Finance Minister Shunichi Suzuki. Photo courtesy of the Ministry of Strategy and Finance

The finance ministers of Korea, the United States, and Japan met on the 17th (local time) and said, “We were aware of the serious concerns of Japan and Korea regarding the recent rapid decline in the value of the Yen and won.” He also said, “We will work together through the Partnership for Global Supply Chain Improvement (RISE)” to keep China and others in check.

Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok, US Treasury Secretary Janet Yellen, and Japanese Finance Minister Shunichi Suzuki hosted the first meeting of the three countries’ finance ministers at the US Treasury Department in Washington, DC on the day this and adopt a joint statement containing the above content. This meeting was held following the decision of the leaders of Korea, the United States, and Japan to hold a meeting of finance ministers in August last year.

In a joint statement, the finance ministers of the three countries said, “We will continue to cooperate to promote sustainable economic growth, financial stability, and orderly and well-functioning financial markets,” and added, “We will make progress in the foreign exchange market in line with existing G20 commitments.” “We will discuss the situation closely,” he said.

They seem to share concerns about the recent continued decline in the value of the won and the Yen against the dollar. Deputy Prime Minister Choi and Finance Minister Suzuki also mentioned that appropriate measures can be taken in response to the rapid volatility of the foreign exchange market at a meeting with the finance ministers of Korea and Japan on the 16th before the trilateral finance ministers’ meeting.

Deputy Prime Minister Choi also said in his opening remarks that day, “The three countries need to cooperate and actively respond to the financial instability that may be caused by uncertainty in the real economy.”

The three finance ministers also said, “We emphasize the importance of cooperation to overcome the damage that other countries’ non-market economic practices can have on our economies, including weaknesses in the supply chain, economic coercion in key sectors, and overproduction.” he said, “We reaffirmed the leaders’ agreement on funding to strengthen resilience.”

Although China was never directly mentioned in this joint statement, it is interpreted as being aimed at China. Minister Yellen and the US government, who recently visited China, have continuously raised the issue of China’s overproduction.

Deputy Prime Minister Choi also said in his opening remarks, “In recent years, we have seen geopolitical tensions and conflicts become increasingly complex and routine, causing a continuous shock to the global economy.” He added, “Efficiency has been the top priority in multilateral trade, but the pandemic and geoeconomic challenges have continued to affect the global economy.” “Economic security becomes another policy goal as we experience supply chain disruptions such as fragmentation,” he said.

At the same time, he emphasized, “We must respond strategically to disruptions in the supply chain through close cooperation and unity among the three countries.”

Criticism of Russia and North Korea continued. The three countries’ finance ministers said, “We confirm that we will use and adjust our respective independent sanctions measures in a joint response to Russia’s war against Ukraine and North Korea’s weapons development,” and added, “We criticize the export and imports are strong. arms between Russia and North Korea, which goes against the resolutions of the United Nations Security Council.” “I do it,” he said. He also said, “We urge you to stop these activities immediately.”

Regarding Korea-US-Japan cooperation, he said, “We will continue to cooperate to develop multilateral development banks and strengthen international financial institutions to better respond to global crises,” and added, “We reaffirm the importance of ASEAN island countries and the Pacific and their macroeconomic and financial resilience.” “We will join our efforts to strengthen financial soundness.” “These goals show the importance of cooperation and the unprecedented friendly relationship between Korea, the United States, and Japan,” he said, adding, “We will continue working-level cooperation.”

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