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

ADB-trilateral meeting

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

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 in Songdo, Incheon, 36 kilometers west of Seoul.

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

The annual meeting is the bank's first in-person gathering since the pandemic began, and around 5,000 officials are expected to be invited, including member countries' finance ministers and central bank governors.

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