South Korea, Argentina discuss capital flows and economic cooperation

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This photo, provided by the Economy and Finance Ministry on Thursday, shows South Korea’s Finance Minister Hong Nam-ki (right) shaking hands with his Argentinian counterpart, Martin Guzman, before speaking in Venice , in Italy, outside the Group. of 20 meeting of senior financial and economic officials. (Ministry of Economy and Finance)

The finance ministers of South Korea and Argentina had discussions on ways to ease volatility in cross-border capital flows and strengthen economic cooperation, the finance ministry said on Friday.

Finance Minister Hong Nam-ki and his Argentine counterpart Martin Guzman held the meeting in Venice, Italy on Thursday (local time) on the sidelines of the meeting of the Group of 20 (G-20) of senior finance officials and the economy, according to the Ministry of the Economy and Finance.

They shared the view that the normalization of accommodative monetary policies by large economies could amplify cross-border movements of capital flows.

CFOs said it would likely have unintended negative effects on emerging economies and be a major risk factor for the global economic recovery.

Hong also hailed the resumption of free trade talks between South Korea and a group of South American countries after about a year of hiatus amid the pandemic and called on countries to quickly reach an agreement on the free trade agreement.

South Korea launched its first talks with the four member states of the South American Mercosur trade bloc – Brazil, Argentina, Paraguay and Uruguay – in 2018. (Yonhap)


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