Korea-UK Finance Ministry Cooperation Channel Officially Launched

South Korea and the United Kingdom held the 2nd Korea-UK Economic-Financial Dialogue (EFD) in Seoul on the 19th, strengthening policy coordination and partnership in economic and financial fields. This meeting was convened in accordance with the regular consultation body established by agreement between the South Korean President and the UK Prime Minister in November 2023. Choi Ji-young, Director-General for International Economic Affairs at South Korea's Ministry of Economy and Finance, and Lindsey White, UK Treasury's Assistant Secretary for International, attended as chief representatives for their respective sides. The Korea-UK EFD serves as a consultation channel between the two countries' finance ministries, with the first meeting held in the UK in September 2024.

Both sides assessed the impact of developments in the Middle East on the global and their respective economies, and shared efforts to respond to related risks. They also discussed ways to strengthen cooperation in various fields, including financial services, financial regulation, supply chains, and economic security.

The UK is scheduled to assume the G20 presidency in 2027, and South Korea in 2028. The two countries agreed to promote cooperation in multilateral forums such as the G20 and G7 and to continuously exchange opinions on major global issues.