South Korea‘s finance minister highlighted the need to promote free trade under multilateral regimes, while expressing support for assistance to debt-ridden developing economies during a G-20 meeting, his ministry said Saturday.

“We need to revitalize global trade through multilateral trade systems,” Finance Minister Hong Nam-ki said during the Extraordinary G-20 Finance Ministers and Central Bank Governors’ Meeting held virtually on Friday.

“Trade regulations can hurt the global supply chain and weigh down investment among countries,” Hong added. “The G-20 nations should actively join hands to build a free, fair, and predictable trade environment.”

During the meeting, the member countries approved plans to support virus-hit low-income nations.

“Given the scale of the COVID-19 crisis, the significant debt vulnerabilities and deteriorating outlook in many low-income countries, we recognize that debt treatments beyond the Debt Service Suspension Initiative (DSSI) may be required on a case-by-case basis,” the G-20 said in a statement.

The debt relief programs had been set to end by the end of this year but were extended until June next year.

Hong welcomed the decision, pointing out that each country should also disclose their debt-related information transparently. (Yonhap)