S. Korean, Japanese finance ministers vow efforts to form stronger economic ties

SEOUL, Oct. 25 (Yonhap) -- South Korea's Finance Minister Choi Sang-mok has met with the new Japanese finance chief and discussed ways of deepening cooperative economic relations between the two countries, his office said Friday.

Choi held his first meeting with Japanese Finance Minister Katsunobu Kato in Washington, D.C., on Thursday (U.S. time) on the sidelines of the Group of 20 Finance Ministers and Central Bank Governors Meeting, according to the Ministry of Economy and Finance.

During the meeting, the two sides agreed to maintain close communications and make joint efforts to deepen bilateral economic relations, as Seoul and Tokyo will mark the 60th anniversary of diplomatic normalization next year.

They also agreed to cooperate on responses to the foreign exchange market and a range of economic and financial issues.

Choi and Kato shared the need to continue the trilateral finance ministers' meeting involving the United States next year. The three nations held the inaugural finance ministers' meeting in April 2024 and discussed ways of stronger cooperation on the economy and finance.

While in Washington, Choi held a separate meeting with Ukraine's Finance Minister Sergii Marchenko and discussed ways of enhancing economic cooperation for the recovery of the war-torn country.

Choi also held one-on-one talks with his Finnish counterpart, Riikka Purra, to exchange views on how to address population aging and other demographic challenges, as well as ways of beefing up their cooperation on supply chains of major industrial minerals.

During a meeting with Treasurer of Australia Jim Chalmers, Choi introduced South Korea's carbon-free energy initiative and asked for Australia's support for South Korean companies that seek to join major projects regarding key minerals, according to the ministry.

graceoh@yna.co.kr
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