The Ninth Japan-Korea Finance Ministerial Dialogue (June 25, 2024)

On June 25, 2024, in Seoul, Korea, the Ministry of Finance of Japan and the Ministry of Economy and Finance of Korea held the Ninth Korea-Japan Finance Ministerial Dialogue. This dialogue was attended by Mr. Shunichi Suzuki, Japan’s Minister of Finance, and Mr. Sangmok Choi, Korea’s Deputy Prime Minister and Minister of Economy and Finance. At the dialogue, they exchanged their views including on global and regional economy and bilateral and multilateral cooperation. The outcomes of the discussion are summarized in the “Joint Press Release(PDF:378KB)”.

The key points of the Joint Press Release are as follows.

• The Ministers had discussions on wide-ranging issues on global and regional economies and policies as well as bilateral and regional financial cooperation.
• The Ministers shared recognition including on the current global and regional economy and the remaining uncertainties and are united in their condemnation of Russia’s war of aggression against Ukraine. The Ministers also discussed initiatives to vitalize an economy to ensure sustainable growth and shared experiences on policy efforts to the common issues faced by both countries such as addressing low-birth rate and promoting investment.
• The Ministers have confirmed in the following areas the tangible progress, that is in line with the agreement of the Finance Ministerial Dialogue last June:
• Bilateral and regional financial cooperation, such as the resumption of the bilateral swap arrangement agreed in June last year and the endorsement of the establishment of Rapid Financing Facility in the ASEAN+3 financial cooperation.
• Bilateral cooperation in areas including customs, international taxation, financial integrity and counter proliferation financing, research, and staff visit.
• Third-party cooperation, including the cooperation between Japan Bank for International Cooperation (JBIC) and Export-Import Bank of Korea (KEXIM)
• Multilateral cooperation, including through fora such as G20 and G7
• The Ministers were of the same view that the Korea-Japan Finance Ministerial Dialogue is a very useful forum to improve mutual understanding, and agreed to hold the 10th Korea-Japan Finance Ministerial Dialogue in Japan next year.