Japan-Republic of Korea-United States Trilateral Ministerial Joint Press Statement

WASHINGTON Today, we, the Finance Ministers of Japan, the Republic of Korea, and the United States, held our first trilateral meeting in Washington, DC. Our discussion builds on our trilateral leaders' summit last August at Camp David and affirms the importance of our relationships with our own economies and with the global economy.

As global economic leaders, we seek continued opportunity and prosperity for our people, the Indo-Pacific region and the world through open and fair economic practices. We will continue to cooperate to promote sustainable economic growth, financial stability and orderly and functioning financial markets. We will also continue to consult closely on foreign exchange market developments, consistent with our existing G20 commitments, while recognizing the serious concerns of Japan and the Republic of Korea regarding the recent sharp depreciation of the Japanese yen and the Korean won.

Together, we affirm our commitment to using and coordinating our respective sanctions tools to impose costs on Russia for its war against Ukraine and target the arms program of the Democratic People's Republic of Korea (DPRK). We strongly condemn the DPRK's exports to Russia, as well as Russia's purchase of ballistic missiles from the DPRK, in direct violation of relevant UN Security Council resolutions, and call on them to immediately cease such activities. We emphasize the importance of collaboration to overcome supply chain vulnerabilities and potential damage to our economies from other countries' non-market economic practices, including economic coercion and overcapacity in key sectors. We reaffirmed the leaders' commitment to mobilizing finance for resilient supply chains and will work together to this end, including through the Partnership for Strengthening Resilient and Inclusive Supply Chains (RISE). We will continue to work together to evolve multilateral development banks and strengthen other international financial institutions to better respond to key global challenges. Reaffirming the importance of ASEAN and Pacific Island countries, we will join forces to strengthen their macroeconomic and financial resilience and financial integrity. We welcome the progress made in trilateral collaboration between our development finance institutions. We will continue to engage staff to move these projects forward.

These goals demonstrate the continued importance and unprecedented strength of this trilateral economic relationship between Japan, the Republic of Korea and the United States. We will continue our cooperation to strengthen our economies and promote global economic prosperity.

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