Finance Minister Hong Nam-ki says President-elect Joe Biden’s election win will have a positive effect on the South Korean as well as the global economy. 

Hong made the remark when he chaired a meeting of economy-related ministers on Thursday that assessed the impact Biden’s election would have on South Korea’s economy and future steps Seoul should take. 

Quoting foreign media and international organizations, Hong said Biden’s election is expected to ease global uncertainties, enhance the effects of U.S. expansionary fiscal policy and improve conditions of international trade. 

However, Hong added that it is also expected to lead to stricter standards on climate change and continued trade conflict between the U.S. and China. 

The minister said the government will form a task force comprising related government agencies that will be charged with monitoring the incoming Biden administration’s economic policies.