Korea's top economic and monetary policymakers agreed on Monday to cooperate to reduce any fallout from a much expected rate hike in the United States and from growing trade protectionism, Seoul's finance ministry said.

In a meeting held earlier in the day, Finance Minister Kim Dong-yeon and Bank of Korea Gov. Lee Ju-yeol shared the view that current economic recovery trends can be maintained but that there are a slew of external risk factors as well.

"(The two) shared the view that the US Federal Open Market Committee's rate decision and monetary policy changes by Europe and Japan can inflate volatility in the financial and currency markets, and Korea should remain guarded against growing trade spats between the US and other nations," the ministry said in a statement.

The Kim-Lee meeting was their sixth round of such policy talks since Kim's inauguration in June of last year.

Their rare meeting came after BOK Gov. Lee was reappointed last week by President Moon-Jae-in to lead the central bank for another four years.

The National Assembly will hold a hearing on Lee in the coming days, although it does not have the power to veto Lee's reappointment.

BOK raised its key rates to 1.5 percent last November, marking the first rate hike in more than six years. This year, Lee has hinted that additional hikes may be gradual.

Earlier, the finance ministry said Asia's fourth-largest economy is expected to grow by 3 percent this year, following last year's estimated 3.2 percent expansion. The ministry also vowed to implement economic policy aimed at boosting job creation and innovative growth, which will improve quality of life.(Yonhap)