Choo calls for end to protectionism, supply chain recovery during G20 meeting

MARRAKESH, Morocco -- South Korea's finance minister called Saturday for concerted international efforts to end protectionism and recover supply chains to address economic challenges stemming from Russia's protracted war in Ukraine, COVID-19 and other factors.

Finance Minister Choo Kyung-ho made the call during the two-day G20 Finance Ministers and Central Bank Governors Meeting held in Marrakesh, Morocco, which ended Friday, according to the Ministry of Economy and Finance.

Choo called for the end of the ongoing war in Ukraine, and highlighted the need for the G20 member countries to discuss measures to stabilize global supply chains.

The finance minister also stressed the need to take preemptive measures to restore financial stability in light of growing uncertainties from global monetary tightening and the strong U.S. dollar, the ministry said.

Choo also underscored the need to secure fiscal soundness and actively pursue regulatory innovation and structural reform for the recovery of growth momentum as well.

The G20 members, meanwhile, adopted their first communique since Russia's invasion of Ukraine in February last year. They expressed concerns over the war as it can have "significant consequences for the global economy."

"In this context, emphasizing the importance of sustaining food and energy security, we called for the cessation of military destruction or other attacks on relevant infrastructure," the communique read.

"We also expressed deep concern about the adverse impact that conflicts have on the security of civilians thereby exacerbating existing socio-economic fragilities and vulnerabilities and hindering an effective humanitarian response," it added. (Yonhap)