News Briefing
Outcome for G20 Meetings and Bilateral Talks
Apr 2024
Deputy Prime Minister Choi Sang-mok attended the Group of Twenty (G20) Finance Ministers and Central
Banks Governors Meeting held in Brazil from February 28 to 29.
In Session one, Deputy Prime Minister Choi pointed out the lack of dynamism as a major cause of inequality and suggested promoting a more dynamic economy that features three main pillars of: ① innovation led by the private sector, ② fair competition, and ③ higher social mobility. In addition, the Deputy Prime Minister stressed the greater need for supporting economic dynamism in developing countries and, subsequently, highlighted Korea’s commitment and goal of ranking among the top 10 nations in terms of amount of Official Development Assistance provided by 2026.
In Session two, Deputy Prime Minister Choi called for a collective response to global risks and emphasized three areas countries could cooperate in boosting global growth: ① key mineral supply chain cooperation, ② egulatory framework for maintaining financial soundness, and ③ jointly developing artificial intelligence (AI) technology by supporting ‘AI research hubs’ and establishing international standards.
In Session three, the Deputy Prime Minister encouraged participating countries to work towards reaching an agreement on the Multilateral Convention to Implement Amount A of Pillar One, a new multilateral convention to address tax challenges posed by globalization and digitalization under the OECD/G20 Inclusive Framework, as scheduled.
In Session four, the Deputy Prime Minister highlighted the importance of improving the speed and transparency of the debt restructuring process for developing countries and underscored the need for expanding assistance by enhancing the role of multilateral development banks (MDBs). Noting the importance of recipient countries taking ownership in the development process, the Deputy Prime Minister pledged that Korea will continue to expand its Knowledge Sharing Program (KSP).
Also, Deputy Prime Minister Choi held discussions with the United States Secretary of the Treasury on the economic conditions of both countries. They hoped that Korea, the United States and Japan would be able to enhance their economic cooperation during the upcoming trilateral meeting of finance ministers, while also discussing ways to promote greater cooperation between Korea and the United States.
Then, the Deputy Prime Minister met with German Finance Minister, and exchanged views on key issues such as the impact of demographic changes including low birth rates and aging, and strengthening the global supply chain and the multilateral trade. The ministers proposed that specific cooperative measures be continuously discussed through regular consultations such as the “Korea-Germany Macroeconomic Dialogue.”
Next, Deputy Prime Minister Choi highlighted the growing solidarity between Korea and the G7 during talks with the Minister of Economy and Finance of Italy. Lastly, the Deputy Prime Minister shared his views on key Korean policy issues such as strengthening fiscal soundness and expanding ODA during a meeting with Managing Director of the International Monetary Fund.
Banks Governors Meeting held in Brazil from February 28 to 29.
In Session one, Deputy Prime Minister Choi pointed out the lack of dynamism as a major cause of inequality and suggested promoting a more dynamic economy that features three main pillars of: ① innovation led by the private sector, ② fair competition, and ③ higher social mobility. In addition, the Deputy Prime Minister stressed the greater need for supporting economic dynamism in developing countries and, subsequently, highlighted Korea’s commitment and goal of ranking among the top 10 nations in terms of amount of Official Development Assistance provided by 2026.
In Session two, Deputy Prime Minister Choi called for a collective response to global risks and emphasized three areas countries could cooperate in boosting global growth: ① key mineral supply chain cooperation, ② egulatory framework for maintaining financial soundness, and ③ jointly developing artificial intelligence (AI) technology by supporting ‘AI research hubs’ and establishing international standards.
In Session three, the Deputy Prime Minister encouraged participating countries to work towards reaching an agreement on the Multilateral Convention to Implement Amount A of Pillar One, a new multilateral convention to address tax challenges posed by globalization and digitalization under the OECD/G20 Inclusive Framework, as scheduled.
In Session four, the Deputy Prime Minister highlighted the importance of improving the speed and transparency of the debt restructuring process for developing countries and underscored the need for expanding assistance by enhancing the role of multilateral development banks (MDBs). Noting the importance of recipient countries taking ownership in the development process, the Deputy Prime Minister pledged that Korea will continue to expand its Knowledge Sharing Program (KSP).
Also, Deputy Prime Minister Choi held discussions with the United States Secretary of the Treasury on the economic conditions of both countries. They hoped that Korea, the United States and Japan would be able to enhance their economic cooperation during the upcoming trilateral meeting of finance ministers, while also discussing ways to promote greater cooperation between Korea and the United States.
Then, the Deputy Prime Minister met with German Finance Minister, and exchanged views on key issues such as the impact of demographic changes including low birth rates and aging, and strengthening the global supply chain and the multilateral trade. The ministers proposed that specific cooperative measures be continuously discussed through regular consultations such as the “Korea-Germany Macroeconomic Dialogue.”
Next, Deputy Prime Minister Choi highlighted the growing solidarity between Korea and the G7 during talks with the Minister of Economy and Finance of Italy. Lastly, the Deputy Prime Minister shared his views on key Korean policy issues such as strengthening fiscal soundness and expanding ODA during a meeting with Managing Director of the International Monetary Fund.
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