The International Trade Council is pleased to announce the re-establishment of finance dialogue between Japan and South Korea, as the two countries held their first finance leaders' meeting in seven years on May 2, 2023. The renewed commitment to regular dialogue is a crucial step towards enhanced cooperation and coordination in the region.
Japanese Finance Minister Shunichi Suzuki and his South Korean counterpart Choo Kyung-ho agreed on the importance of regional cooperation in addressing global economic challenges and geopolitical issues, such as North Korea's nuclear missile development and Russia's invasion of Ukraine. The two countries plan to strengthen private and government partnerships in high-tech industries, including semiconductors and batteries.
The finance leaders of Japan, South Korea, and China expressed concerns about the slowdown in economic relations in their trilateral statement. They acknowledged the need for closer economic ties among the three nations to address various risks that cloud the region's economic outlook.
The International Trade Council commends Japan and South Korea for resuming their finance dialogue, and the two countries are expected to hold annual meetings. Choo Kyung-ho is slated to visit Japan later this year for another meeting with Shunichi Suzuki.
This initiative comes at a crucial time as policymakers gather for the annual Asian Development Bank meeting in Incheon, South Korea, to discuss regional economic challenges and measures to strengthen resilience against various shocks. The International Trade Council supports the continuous efforts to enhance regional cooperation and build a more stable and prosperous global economy.