Deputy Prime Minister Choi Sang-mok attended the Group of Twenty (G20) Finance Ministers and Central Banks Governors Meeting held in São Paulo, Brazil from February 28 to 29.
* Session 1: Economic Policies for Inequality Reduction
Session 2: Global Economic Outlook and Assessment
Session 3: Global Taxation/Financial Cooperation
Session 4: Global Debt and Sustainable Development
In the first Session, DPM Choi pointed out lack of dynamism as a major cause of inequality and suggested promoting a dynamic economy that features three main pillars: ① innovation led by the private sector, ② fair competition, and ③ higher social mobility. In addition, he stressed the need for support to enhance economic dynamism in developing countries and expressed Korea’s commitment to support them with a goal of ranking among the global top 10 in Official Development Assistance (ODA) size by 2026.
In Session 2, he called for collective responses to global risks such as geopolitical fragmentation and prolonged monetary tightening, and emphasized three cooperation measures to boost global growth engines: ① key mineral supply chain cooperation, ② regulatory framework for maintaining financial soundness, and ③ support for joint artificial intelligence (AI) technology development such as an ‘AI research hub’ and the establishment of international norm.
In Session 3, DPM Choi called for the participating countries’ efforts to reach an agreement on the Multilateral Convention to Implement Amount A of Pillar One[1] as scheduled.
In Session 4, he highlighted the importance of improving the speed and transparency of debt restructuring process for developing countries and also underscored the expansion of assistance for developing countries through reform of multilateral development banks (MDBs). Noting that the ownership of recipient countries is important to enhance the effectiveness of international support, he pledged that Korea will continue to expand its Knowledge Sharing Program (KSP) to share its economic development experiences.
[1] New multilateral convention to address tax challenges of globalisation and digitalisation released by the OECD/G20 Inclusive Framework.
Please refer to the attached files.
