3rd Ministerial Meeting on Current Issues
Deputy Prime Minister Kim Dong-yeon presided over the 3rd Ministerial Meeting on Current Issues on July 12, and discussed trade and economic issues following the Korea-US summit and G20 summit, held on June 28 to July 1 and on July 5 to 8, respectively. The two summits are believed to help expand the country’s economic cooperation to major economies and international organizations, as well as strengthen ties with the US, China, Japan and Russia. The government hopes that cooperation will increase in areas such as job creation, 4th industrial revolution and new renewable energies, and that Korea will join a large trade bloc of emerging economies.
Economic Cooperation Discussion with Major Economies
Korea-German and Korea-France Talks: Cooperate to create more jobs, support small enterprises with great competence and develop new industries
Korea-Russia and Korea-Australia Talks: Agree on far-eastern Asian development and energy cooperation
Korea-India and Korea-Vietnam Talks: Cooperate to expand trade with a large trade bloc of emerging economies
Korea-China and Korea-Japan Talks: Work to renew trust and economic cooperation
Deputy Prime Minister Kim asked participants to work for the summit outcomes to help the Korean economy and businesses. Participants agreed that Korea’s focus on job creation, fairness and innovation, goes with the global trend which emphasizes inclusive growth, and that Korea played its part in reaching an agreement for the G20 communiqué supporting free trade. The ministers agreed to work together to prepare for the reform of the Korea-US FTA, which has been demanded by the US.
The new administration is well aware that the recent global trade and economic issues are the complexity that should be dealt with in consideration of political and diplomatic affairs. We will cope with international economic and diplomatic concerns through a ministerial meeting on the economy and foreign affairs, where related departments will closely work together as a team.
Please refer to the attached pdf