Finance Ministers of Korea, US, and Japan Target China Over Overproduction: Joint Declaration and Sanctions Against Russia and North Korea

Delivery time2024-04-18 01:00

First meeting of finance ministers in Washington… Aims at China, “Cooperation to overcome damage from overproduction”

“The use of independent sanctions for the Russia-Ukraine war and North Korea’s military development.”

(Washington = Yonhap News) Reporter Park Won-hee = The finance ministers of Korea, the United States, and Japan said on the 17th (local time) that they were “aware of the serious concerns of Japan and Korea a -out the recent rapid decline in the country. yen and won.”

Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok, US Treasury Secretary Janet Yellen, and Japanese Finance Minister Shunichi Suzuki adopted a joint declaration containing these contents at the first meeting of finance ministers of the three countries held on this day at the Treasury Department in Washington, DC.

“We will consult closely on developments in the foreign exchange market in line with the current G20 commitments to promote sustainable economic growth, financial stability, and orderly and well-functioning financial markets,” the three finance ministers said. , “We will continue to cooperate for this purpose,” he said.

It appears that all three countries were concerned about the continued decline in the value of the won and the yen against the dollar. The currencies of both Korea and Japan are weakening due to the forecast that the US interest rate cut will be delayed more than expected and risk aversion due to instability in the Middle East.

“We emphasize the importance of cooperation to overcome the potential damage of other countries’ non-market economic practices, including supply chain vulnerabilities and coercion economic and overproduction in key sectors,” the three finance ministers continued.

Although the joint declaration did not directly mention China as an issue of overproduction, Secretary Yellen, who visited China recently, continued to raise the issue of China’s overproduction.

In addition, the finance ministers of Korea, the United States and Japan said, “We reaffirmed the leaders’ agreement on financing to strengthen the sustainability of the supply chain, and we will work together to achieve this through Com- Global Supply Chain Enhancement (RISE) partnership. “

He also said, “We confirm that we will respond to Russia’s war against Ukraine and North Korea’s military development by using and coordinating our sanctions measures or -individual dependence,” and added, “We will strongly discourage arms exports and imports between Russia and North Korea that are in violation of UN Security Council resolutions.” “We condemn and urge these actions to stop immediately,” he said.

“We will continue to work together to develop multilateral development banks and strengthen international financial institutions to better respond to global crises,” they said, “We reaffirm the importance of ASEAN and Island countries the Pacific, and the macroeconomic and financial stability.” He also said, “We will unite our efforts to strengthen our strength.”

“We welcome the progress in trilateral cooperation among development finance institutions,” he said, adding, “We will continue cooperation at the working level to take these forward.” “

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2024/04/18 01:00 Sent