S. Korea, China, Japan finance ministers to hold talks in Lima
SEJONG, Oct. 5 (Yonhap) — Finance ministers of South Korea, China and Japan will hold talks to coordinate policies on the sidelines of the Group of 20, International Monetary Fund (IMF) and World Bank meetings in Peru this week, the government said Monday.
The finance ministry said the meeting, scheduled for Thursday in Lima, will be the first of its kind since May.
“The policymakers from the Northeast Asian countries will exchange views on macroeconomic conditions, developments in the financial market and how best to respond to the latest economic policy changes being implemented around the world,” it said. “They will also exchange views on expanding regional financial ties.”
The meeting between Finance Minister Choi Kyung-hwan and his two counterparts is drawing attention because it takes place amid expectations of a U.S. interest rate hike later this year.
South Korea’s top economic policymaker will also take part in discussions on international cooperation on taxation reforms and how to cope with base erosion and profit shifting (BEPS) issues facing many countries. BEPS refers to tax avoidance strategies employed by multinational companies that weaken a country’s tax base.
The matter has become an important agenda item with the Paris-based Organization for Economic Cooperation and Development having taken keen interest since 2012.
“If ministers agree on a mutual strategy at the upcoming talks in the Peruvian capital, then the so-called Google tax will be levied against multinationals that try to avoid paying their dues in countries where they make profits,” the ministry said.
Choi, meanwhile, will participate in the joint communique involving finance ministers and central bankers from 25 countries on Saturday in Lima to endorse the 2030 sustainable development goals by the United Nations.
Besides taking part in such events, Choi, who doubles as South Korea’s deputy prime minister in charge of economic affairs, will meet his U.S. and Iranian counterparts as well as World Bank head Kim Yong.
He will, moreover, hold talks with the foreign press and global appraiser Moody’s Investors Service and Standard & Poor’s to explain South Korea’s economic conditions.
