(Excerpt)
(Wednesday, April 23, 2025, 10:54 pm to 11:04 pm)
[Opening remarks:]
- Minister)
-
I would like to provide an overview of today’s G7 Finance Ministers and Central Bank Governors’ Meeting, as well as the first day of discussions at the G20 Finance Ministers and Central Bank Governors Meeting, which took place earlier today.
First, at the G7 meeting, discussions were held on Ukraine and the global economy. I expressed my strong regret over the United States’ implementation of broad-based tariff measures and urged the U.S. to promptly review such measures, which raise serious concerns regarding their compatibility with WTO agreements.
In addition, the G7 identified China’s excess production capacity as an international imbalance that needs to be addressed and asserted that the G7 should work together to urge China to resolve its domestic imbalances and to collaborate in making the international economic system more balanced.
Next, regarding the G20, today we discussed the global economy, and I made three main points.
First, I pointed out that, in addition to geopolitical issues such as Russia’s invasion of Ukraine, the U.S. tariff measures and countermeasures by some countries, as well as the uncertainty that these measures are causing, are destabilizing financial markets, including the exchange rate, and having a negative impact on the real economy.
Second, I emphasized that to maintain economic and financial market stability, countries should closely monitor developments, exchange information, and cooperate flexibly to take necessary measures.In this context, I stressed the importance of promoting a free, open, and multilateral trade system, as well as engaging in constructive policy dialogue to address domestic and international disparities and imbalances.
In addition to these two meetings, I held bilateral meetings with Ukrainian Finance Minister Sergii Marchenko, IMF Managing Director Kristalina Georgieva, and U.S. Congressman French Hill from yesterday to today, and delivered speeches at an IDB (Inter-American Development Bank) event and a ministerial-level event on universal health coverage (UHC).
