This file photo, provided by the finance ministry, shows Finance Minister Choi Sang-mok speaking during an economic meeting in Seoul, April 4. Yonhap

Top economic policy makers of South Korea, the United States and Japan plan to hold their first trilateral talks in Washington this week to discuss ways for stronger three-way cooperation on financial issues and better coordinating responses to global economic challenges, Seoul's finance ministry said Tuesday.

South Korea's Finance Minister Choi Sang-mok is scheduled to leave for Washington in the day to hold a meeting with U.S. Treasury Secretary Janet Yellen and Japan's Finance Minister Shunichi Suzuki slated for Wednesday (U.S. time), according to the Ministry of Economy and Finance.

The upcoming meeting, the first of its kind, comes as South Korean President Yoon Suk Yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida agreed to launch a meeting between their finance ministers during a summit in Maryland in August 2023.

On the table is expected to be how to enhance trilateral cooperation on economic and financial issues in response to global supply chain disruptions and growing instabilities stemming from the Middle East crisis and Russia's invasion of Ukraine, among other issues, as well as uncertainties over the monetary policies of major economies amid still-high inflation.

President Yoon Suk Yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida arrive for a press conference during a trilateral summit at Camp David in Maryland, Aug. 18, 2023. AFP-Yonhap

Choi is also scheduled to attend the two-day meeting of finance ministers and central bank deputies of the Group of 20 nations starting Tuesday, where he will stress the need for cooperation with the private sector to achieve net-zero carbon emissions goals and present ways of improving international finance systems centering on the reform of multilateral development banks.

On its sidelines, Choi will hold a bilateral meeting with his Japanese counterpart Tuesday to explore ways to cooperate on pending economic and financial issues amid a thaw in their diplomatic relationship.

On Friday, Choi plans to attend a roundtable meeting meant to support Ukraine and plans to announce follow-up measures on Seoul's decision to provide a $2.3 billion mid- to long-term aid package to the war-torn country starting this year.

Choi will sign an agreement with his Ukrainian counterpart, Sergii Marchenko, on loan support via the Economic Development Co-operation Fund, according to the ministry.

While in Washington, Choi is also scheduled to hold separate talks with officials from the International Monetary Fund, the World Bank and the International Development Bank, as well as global rating appraiser Standard & Poor's Global Ratings, the ministry said. (Yonhap)