▲ South Korean Finance Minister Choo Kyung-ho (3rd from L) and Bank of Korea Gov. Rhee Chang-yong (4th from L) pose for the camera with their counterparts from China and Japan during their meeting in Incheon, west of Seoul, on May 2, 2023. (Yonhap)

(LEAD) ADB-trilateral meeting

(LEAD) S. Korea, China, Japan ties crucial to global economic recovery: Choo

(ATTN: UPDATES with details throughout; ADDS photo)

By Kang Yoon-seung

INCHEON, May 2 (Yonhap) -- South Korea's finance minister said Tuesday trilateral ties with China and Japan are "crucial" not only for the three countries but also for the world amid economic uncertainties.

Finance Minister Choo Kyung-ho said trilateral cooperation can serve as an engine for a "speedy and sustainable" recovery, noting the three countries make up 20 percent of the global economy.

He also said South Korea plans to play an active role in the efforts to bolster the trilateral economic ties.

"To this end, on the back of the global reopening, South Korea, China and Japan will expand their cooperation in a full-fledged manner, not only in sectors such as finance, trade and investment but also in tourism, culture, personnel exchanges and policy ties," Choo said ahead of the trilateral meeting of finance ministers and central bank governors of South Korea, China and Japan.

The meeting, held in Songdo, Incheon, 36 kilometers west of Seoul, was the first face-to-face meeting since 2019.

During the meeting, the three countries exchanged views that their economies are expected to maintain growth despite the challenging environment on the back of their respective policy efforts.

Choo explained the South Korean economy is set to post gradual growth starting the second half of 2023, with the rebound set to speed up next year. South Korea's inflation also continues to slow down after reaching the peak in July 2022, he added.

Through a joint statement, the ministers and governors vowed to make efforts to revitalize trade among the three countries, which has recently slowed down following the pandemic.

"We acknowledge that trilateral cooperation among our countries is crucial in ensuring a rapid and sustainable economic recovery from the unprecedented impacts of the pandemic," the three countries said in a joint statement.

"In this context, we recognize the importance of strengthening our economic and trade relations to secure post-pandemic growth, and minimize any lasting negative effects, and preparing for future shocks," they added.

South Korea, China and Japan also vowed to enhance cooperation and communication with ASEAN countries, and make efforts to "enhance the effectiveness" of the Chiang Mai Initiative Multilateralization (CMIM) agreement.

The CMIM, launched in 2010, refers to a US$240 billion pool that can be tapped through currency swap deals in times of financial crisis. South Korea takes up $38.4 billion, or 16 percent of the fund.

The three countries, meanwhile, plan to hold a trilateral meeting of finance ministers in Georgia next year.

The meeting came on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, which kicked off for a four-day run Tuesday under the slogan "Rebounding Asia: Recover, Reconnect, and Reform."

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