Japan, South Korea revive stalled economic talks as global risks rise
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Loading... - Kyung-ah Kuen
- 05 May 2023
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Japan, S.Korea hold 1st bilateral finance talk in 7 years
Two sides agree to hold regular bilateral finance dialogue
Asian finance chiefs warns of risks from U.S. banking woes
Asia policymakers agree to beef up market safeguards
Japan and South Korea held their first finance leaders' meeting in seven years on Tuesday and agreed to resume regular dialogue as tensions in the wider region and slowing growth prod them to increase co-operation and mend strained relations. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol.
It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil.
"Japan and South Korea are important neighbours that must cooperate to address various challenges surrounding the global economy, as well as the regional and international community," Japanese Finance Minister Shunichi Suzuki said at the meeting with his South Korean counterpart Choo Kyung-ho. Read More…
