Finance minister stresses trilateral cooperation at Asia Development Bank meeting

Finance Minister Choo Kyung-ho stressed the importance of trilateral cooperation between Korea, China and Japan to achieve a rapid and sustainable recovery of the global economy at the Asia Development Bank (ADB) meeting in Incheon on Tuesday.

Finance Minister Choo Kyung-ho, third from left, and Bank of Korea Gov. Rhee Chang-yong, third from right, pose for a photo with their counterparts from China and Japan during the Asia Development Bank meeting that kicked off in Incheon on Tuesday. [YONHAP]

Finance Minister Choo Kyung-ho stressed the importance of trilateral cooperation between Korea, China and Japan to achieve a rapid and sustainable recovery of the global economy at the Asia Development Bank (ADB) meeting in Incheon on Tuesday.

Cooperation of the three countries will function as an “engine” for the "rocky recovery" described by the International Monetary Fund, Choo said in a meeting with his counterparts and central bankers of the three neighboring countries.

"Korea, China and Japan account for more than 20 percent of the global economy and around 80 percent in the Asean Plus Three regions," Choo said, adding the cooperation of the three countries will "help effectively handle the tasks confronted and positively affect Asean Plus Three nations and the world."

The Asean Plus Three are the Asean plus Korea, China and Japan.

The four-day ADB meeting kicked off in Incheon on Tuesday under the theme of “Rebounding Asia: Recover, Reconnect, and Reform.” The event will be attended by around 5,000 people from 68 countries, including finance ministers and central bankers.

The range of trilateral cooperation will include policy coordination, finance, trade and culture.

“We welcome the discussion on new facilities as well as more robust and reliable financing structures with a view to further strengthen the Regional Financing Arrangement,” Choo added.

In a separate meeting with Japanese counterpart Shunichi Suzuki, Choo urged Japan to reinstate Korea to the “whitelist” of trusted trading partners.

It was the first time the finance ministers of Korea and Japan met in nearly seven years.

Korea “hopes for the quick completion of its reinstatement of Japan’s whitelist,” Choo said on the sidelines of the ADB annual meeting.

In March, the two countries agreed to consult closely on reinstating each other to their white lists during a summit held in Tokyo following the removal in a tit-for-tat retaliation in 2019.

Choo also noted the need to accelerate the expansion of private and public communication channels between the two countries, pointing to the increased number of flights and the need to promote the people-to-people exchange of the two countries' future generations.

The annual ADB meeting is the bank’s first in-person gathering since the pandemic began. Around 70 events are taking place during the meeting.

Some of the key issues addressed include climate change.

The ADB announced a new program that provides financial guarantees for the bank’s partners will be launched under the name of the Innovative Finance Facility for Climate in Asia and the Pacific. The goal is to bring $3 billion for the program.

The bank will take “bold climate action,” according to the ADB President Masatsugu Asakawa at a press conference Tuesday.

The ADB, established in 1966, aims for an Asia Pacific free from poverty with a mission to help the development of member countries, reduce poverty and improve the quality of life of their people.

This year marks the third edition of the ADB meeting hosted by Korea, after Seoul in 1970 and Jeju Island in 2004.

Korea, once a recipient of financial assistance from the ADB, is now a donor.

BY JIN MIN-JI [jin.minji@joongang.co.kr]