IMFC Meeting, Washington D.C
DPM Hong Has Bilateral Talks with
US Treasury Secretary Yellen
Deputy Prime Minister Hong Nam-ki had bilateral talks with US Treasury Secretary Janet Yellen on October 14 on the sidelines of the 44th Meeting of IMFC held in Washington, D.C. At the talks, the two leaders discussed ways to deepen bilateral cooperation in climate change responses, pandemic control, low-income country support, supply chain disruptions and the global digital tax. Here is the summary of the talks.
Climate change response
DPM Hong explained Korean government’s efforts toward the 2050 carbon neutrality, including the 2030 NDC[1] target upgrade and plans for stronger GCF and climate change aid. US Secretary Yellen asked for Korea’s leading role in the climate issue as a GCF host and board member that represents developing country parties, emphasizing the need for emerging economies’ participation in climate change response.
Pandemic control
The two leaders agreed on improved global health governance and expanded financial resources to better support low-income countries, pledging closer cooperation in starting a new fund for the purpose.
Low-income country support
The two finance chiefs agreed to support IMF’s plan to expand the PRGT and set up an RST[2].
Global digital tax
DPM Hong welcomed the agreement reached on the inclusive framework on BEPS[3] at the OECD/G20 Inclusive Framework Meeting, and US Secretary Yellen asked for further cooperation regarding the matter.
Other issues
DPM Hong thanked for US government’s efforts to resolve global supply chain disruptions, and the two countries agreed to work together to address Iran’s frozen funds in Korean banks.
