Secretary of the Treasury Scott Bessent met with Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol of the Republic of Korea on Apr. 19 to discuss ongoing economic cooperation between the two countries.
The meeting focused on updates regarding the U.S.-Korea Trade and Investment Agreement, as both officials emphasized their commitment to its swift and faithful implementation. This agreement is seen as a key element in strengthening economic ties between the United States and South Korea.
Bessent said he was pleased that the U.S.-Korea critical minerals framework had been finalized, noting that it will help deepen collaboration on critical minerals, support market-based principles, and address non-market policies along with unfair trade practices. The two leaders also discussed South Korea’s ambitions to become a global hub for artificial intelligence (AI) technology. They considered how AI could contribute to advancing productivity and economic growth within the context of G20 priorities.
Additionally, both Bessent and Koo agreed that excessive volatility in the Korean won is not desirable. They committed to continuing consultations about developments in foreign exchange markets.
The meeting underscores ongoing efforts by both nations to enhance bilateral cooperation across trade, technology, and financial stability.
