Vice Minister Choi Sang-mok emphasized the value of a barrier-free and free multilateral trade system on the international stage.
On the 23rd (local time), Vice Minister Choi attended the first day of the meeting of G20 finance ministers and central bank governors held in Washington, D.C., United States, and noted, "Korea is a beneficiary of a barrier-free and free multilateral trade system and is contributing as a pillar of the global supply chain," adding, "The international community must seek solutions together to ensure the sustainability of the multilateral trade system, including alleviating global imbalances."
Vice Minister Choi said, "To proactively prepare for concerns over rapid increases in financial market volatility, we must maintain fiscal soundness, the last bastion of crisis response," and suggested, "We need to reassess and strengthen the global financial safety net." He also added, "To respond to structural crises such as demographics and climate, voluntary and proactive structural reforms by each country are crucial," stating, "Sharing cases among G20 countries will be of great help."
On the first day of the G20 finance ministers and central bank governors meeting, Vice Minister Choi met with World Bank (WB) President Ajay Banga to discuss expanding digital cooperation. At this meeting, Vice Minister Choi proposed the establishment of a Digital Knowledge Center at the World Bank's Korean office and the creation of a Korean Digital Trust Fund. He also requested President Banga's interest in the establishment of the Digital Knowledge Center at the WB's Korean office and the creation of the Korean Digital Trust Fund.
On this day, Vice Minister Choi held bilateral meetings with China's Minister of Finance Lan Fang, Canada's Minister of Finance François-Philippe Champagne, and Poland's Minister of Finance Andrzej Domański.
In the meeting with Minister Fang, the two sides exchanged a wide range of opinions on major international financial issues, including multilateral development bank (MDB) cooperation. They also suggested that both countries should closely cooperate to ensure that substantial results can be achieved at the upcoming ASEAN+3 finance ministers' meeting next month, where China holds the chairmanship.
In the meeting with Minister Domański, they discussed ways to strengthen economic cooperation between the two countries, including holding the second Korea-Poland economic dialogue. Vice Minister Choi stated, "Both Korea and Poland are located at geographical crossroads and share the common trait of being countries where foreign trade is significant," expressing hope for a successful conclusion to the second export contract for K2 tanks. In response, Minister Domański said, "The friendship between Korea and Poland has deepened during the defense cooperation process," and praised the Korean government's efforts to support Ukraine's reconstruction.
The Ministry of Economy and Finance reported that Vice Minister Choi exchanged opinions with Canada's Minister of Finance François-Philippe Champagne regarding global uncertainties.