Bangkok:South Korea and the United States convened their first "two-plus-two" meeting of finance and monetary policymakers alongside the Group of 20 (G20) ministerial gathering. This initiative is aimed at bolstering coordination in addressing external economic uncertainties, as stated by the finance ministry.
According to Yonhap News Agency, Finance Minister Lee Hyoung-il and Bank of Korea Governor Shin Hyun-song met with U.S. Federal Reserve Chair Kevin Warsh and U.S. Deputy Treasury Secretary Francis Brooke in Bangkok, where the G20 finance ministers' meeting was held. The discussions focused on recent economic developments and strategies to enhance bilateral economic and financial cooperation.
Lee highlighted the significance of the meeting, noting that it was the first occasion for senior officials from both countries' finance and monetary authorities to come together. An official from the finance ministry underscored the goal of improving coordination between the two nations' finance and monetary authorities.
The official added, "It is significant that the two countries have established a framework for cooperation to promptly and effectively address external financial uncertainties through close coordination between their finance and monetary authorities."
Lee's presence in Bangkok is for the G20 finance ministers' meeting and the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. This trip marks his first international engagement as finance minister since assuming the position last month. Notably, U.S. Treasury Secretary Scott Bessent did not attend the event in Bangkok.