Finance chief calls for regional cooperation in tackling economic impact from Iran war

▲ South Korean Finance Minister Koo Yun-cheol speaks at the ASEAN+3 meeting on finance policy at a hotel in Samarkand, Uzbekistan, on May 3, 2026, in this photo provided by the finance ministry, as he was attending a series of international gatherings and the annual meeting of the Asian Development Bank. (PHOTO NOT FOR SALE) (Yonhap)

finance chief-Iran war

Finance chief calls for regional cooperation in tackling economic impact from Iran war

SEJONG, May 3 (Yonhap) -- Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the U.S.-Israeli war against Iran, the finance ministry said.

Koo made the call during the 29th meeting of ASEAN+3 finance ministers and central bank governors held Sunday in Samarkand, Uzbekistan, according to the ministry.

ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian dialogue partners -- South Korea, Japan and China.

"The Middle East war has further expanded regional economic uncertainty," Koo said. "Against this backdrop, ASEAN+3 cooperation, which has served as a buttress during a regional crisis, is becoming increasingly important."

The finance minister said the Middle East crisis poses a threat to the South Korean economy, highlighting the government's efforts to prop up the economy, including the creation of the 26.2 trillion-won (US$17.7 billion) extra budget.

Separately, Koo chaired a trilateral meeting of finance ministers and central bank governors from South Korea, China and Japan.

He also called for stepped-up cooperation among the three nations in dealing with downside economic risks from the Iran war, according to the ministry.

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