The inaugural trilateral meeting among the Finance Ministers of Japan, the Republic of Korea, and the United States took place in Washington, DC, furthering discussions from last August's Trilateral Leaders’ Summit at Camp David.
The ministers committed to promoting sustainable economic growth and financial stability through open and fair economic practices, while also addressing the volatility in foreign exchange markets, particularly concerning the depreciation of the Japanese yen and the Korean won.
They reaffirmed adherence to G20 commitments and pledged ongoing consultations. The US Dollar has appreciated to a 34 year high versus the Japanes Yen.
The trilateral partners resolved to strengthen economic sanctions against Russia and to "target" North Korea’s (DPRK’s) weapons program. They condemned the DPRK’s military interactions with Russia, which violate UN Security Council Resolutions, and urged an immediate cessation of these activities.
The meeting also focused on mitigating supply chain vulnerabilities and countering economic practices deemed harmful, such as economic coercion and overcapacity in crucial sectors.
The ministers endorsed the Partnership for Resilient and Inclusive Supply-chain Enhancement (RISE) and discussed the evolution of multilateral development banks and other financial institutions to better address global challenges.
They emphasized the strategic role of ASEAN and Pacific Island countries in regional stability and pledged to support their economic and financial resilience.
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