Choo wraps up his 1st G20 finance leaders' meeting after taking office
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, left, talks with U.S. Secretary of Treasury Janet Yellen during the G20 Finance Ministers and Central Bank Governors Meeting last week in Bali, Indonesia. The two are scheduled to meet again in Seoul, Tuesday, for official bilateral talks. Yonhap
By Yi Whan-woo
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho has returned home after attending his first G20 financial leaders' meeting since taking office in May, the ministry said Monday.
During the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, from Friday to Saturday, he spoke about how Korea can contribute to multilateral efforts tackling global challenges related to the economy, public health, finance, sustainability and taxation.
The meeting was also attended by officials of the International Monetary Fund (IMF) and other invited guest countries, such as Singapore.
Speaking before representatives of the world's 20 largest economies, he underlined the importance of free trade as well as the recovery of balanced trade between developed and developing nations.
Regarding public health, he urged swift operation and support of a new Financial Intermediary Fund (FIF) for Pandemic Prevention, Preparedness and Response, which the World Bank approved for establishment on June 30 to strengthen management of the COVID-19 pandemic.
The process of establishment will continue through August, led by the World Bank and the World Health Organization (WHO) in consultation with partners and stakeholders.
Choo called for global cooperation on debt relief for less wealthy countries and the shared goal of carbon neutrality.
On taxation, he said the digital tax that is applied to digital business activities should be aimed at minimizing the burden on the corporate community.
Choo also had bilateral talks with finance ministers of Indonesia and Singapore plus IMF Managing Director Kristalina Georgieva.
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, left, shakes hands with Indonesian Finance Minister Sri Mulyani Indrawati, during bilateral talks on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting last week in Bali, Indonesia. Yonhap
In a meeting with Indonesian Finance Minister Sri Mulyani Indrawati, Choo praised Indonesia for its role holding the G20 presidency this year.
He said the two countries can jointly capitalize on Korea's technology and Indonesia's rich natural resources to overcome global supply chain bottlenecks.
He requested Indonesia's support to facilitate leading Korean businesses' investments in cars, secondary batteries, chemicals and steel, as well as other sectors that are closely linked to supply chain issues.
Choo exchanged thoughts on cooperation in finance and the U.S.-initiated Indo-Pacific Economic Framework (IPEF) in a dialogue with Singaporean Deputy Prime Minister and Finance Minister Lawrence Wong.
The talks with Geogieva were centered on the global economic outlook and recovery as well as the Resilience and Sustainability Trust (RST).
The IMF approved the establishment of the RST in April to help countries build resilience to external shocks and ensure sustainable growth, contributing to their long-term balance of payments stability.
Choo met briefly with U.S. Secretary of Treasury Janet Yellen in Bali.
Yellen was in Indonesia on her first trip to the Asia-Pacific region as treasury secretary.
She is currently visiting Korea on the final leg of her trip and is scheduled for an official one-on-one dialogue with Choo, Tuesday.