Talks cover regulatory simplification, data governance framework
Heo Jang, second vice minister of the Ministry of Finance and Economy, attended the OECD Ministerial Council Meeting and outlined directions for cooperation to overcome the current economic crisis and restore momentum in the global economy.
The ministry said Heo attended the OECD Ministerial Council Meeting held June 3-4 in Paris.
South Korea, marking the 30th anniversary of its OECD membership this year, served as vice chair of the ministerial meeting, taking a leading role in shaping the agenda and guiding discussions.
In his keynote remarks, Heo said cooperation to overcome the economic crisis and revive global growth should rest on three pillars: openness and rules-based collaboration through connectivity rather than isolation; innovation and productivity gains to unleash private-sector creativity; and inclusive, forward-looking efforts to navigate rapid changes driven by AI and climate change.
He also said South Korea would actively participate in OECD discussions on global issues, work closely with member states, and fulfill its responsibilities as a committed partner.
A discussion session on improving regulatory frameworks to promote competitiveness and competition, which Heo chaired, examined ways to ease the burden on businesses through regulatory simplification, create a level playing field and advance global regulatory cooperation, and build a data governance framework to enable the free flow of data based on trust. Member states called on the OECD to play an active role in providing guidelines and developing standards.
Heo held bilateral meetings with the OECD's chief economist and senior officials from France's Ministry of Economy and Finance and the Bank of France to discuss major economic issues and bilateral economic cooperation.
In his meeting with OECD Chief Economist Stefano Scarpetta, Heo said South Korea's economic recovery remained solid, with GDP growth reaching 1.7 percent in the first quarter of this year, supported by strong exports and proactive fiscal measures including a supplementary budget.
The OECD responded positively to South Korea's economic outlook for this year, raising its growth forecast for South Korea from 1.7 percent to 2.6 percent on the occasion of the ministerial meeting.
Heo also met with Bertrand Dumont, director general of the French Treasury, and Agnès Bénassy-Quéré, first deputy governor of the Bank of France, to discuss bilateral economic cooperation.
The two sides agreed to consolidate the economic cooperation momentum built during French President Emmanuel Macron's visit to South Korea in April and to maintain close coordination in upcoming G7 and G20 processes. They also agreed to expand cooperation in development finance, sharing the view that private finance, alongside official development assistance, plays a crucial role in supporting developing countries.
y2k@heraldcorp.com
