Koo Yoon-chul at Korea-China-Japan Finance Meeting: Seeking Joint Solutions Amid Middle East Uncertainty

Downside Risks Rise Amid Middle East Conflict
Discussion on Measures for Financial Cooperation

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul, who is visiting Samarkand, Uzbekistan to attend the ASEAN+3 Finance Ministers Meeting and the Asian Development Bank (ADB) Annual Meeting, is taking a commemorative photo with representatives from each country before the start of the "Korea-China-Japan Finance Ministers Meeting" held at the Hilton Hotel on the 3rd (local time). From left, Deputy Prime Minister Koo Yoon-chul, Vice President of the Bank of Korea Yoo Sang-dae, Japanese Finance Minister Satsuki Katayama, Vice President of the Bank of Japan Ryozo Himino, Director-General of the Chinese Ministry of Finance Zhang Junhong, and Vice President of the People's Bank of China Zhu Hexin. Ministry of Economy and Finance

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul emphasized strengthening cooperation among Korea, China, and Japan to respond to the increased external uncertainties caused by the war in the Middle East.

On May 3, Deputy Prime Minister Koo presided over the 26th Korea-China-Japan Finance Ministers and Central Bank Governors' Meeting held in Samarkand, Uzbekistan.

During the meeting, participants discussed the impact of the recent war in the Middle East on each country's economy and possible response strategies. The three countries assessed that, despite global uncertainty last year, they had maintained relatively solid growth, and this trend continued through the first quarter of this year. However, they agreed that recent developments in the Middle East have increased uncertainty and heightened downside risks to economic recovery.

Deputy Prime Minister Koo explained, "The three countries are currently facing not only the immediate uncertainties of the war in the Middle East, but also long-term and structural challenges such as low birth rates and aging populations, declining growth potential, and the need to stabilize supply chains." He proposed, "In order to achieve sustainable growth and shared prosperity, the three countries should share information and work together to find solutions."

He also stressed the need for cooperation to enhance the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM), which serves as a regional financial safety net, and to strengthen the capacity of the ASEAN+3 Macroeconomic Research Office (AMRO), in the context of ASEAN (Association of Southeast Asian Nations) +3 (Korea, China, and Japan) financial cooperation.

This meeting serves as an annual forum for Korea, China, and Japan to discuss economic and financial cooperation and to review major agenda items ahead of the ASEAN+3 meeting. This year, Korea served as the chair. The next meeting is scheduled to be held in Nagoya, Japan.

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