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 developments in trade, investment, and economic collaboration between the two countries.
The meeting addressed ongoing efforts to implement the U.S.-Korea Trade and Investment Agreement, which both sides agreed is important for strengthening economic ties. The officials also discussed new progress under a finalized critical minerals framework that aims to deepen cooperation on minerals essential for various industries.
Bessent said he was pleased by the finalization of this framework, noting its potential to enhance market-based principles and address unfair trade practices. The conversation included South Korea’s initiatives to become a global hub for artificial intelligence (AI) and how AI could contribute to productivity growth as emphasized by G20 priorities.
Both leaders acknowledged concerns about volatility in the Korean won exchange rate. They agreed that excessive fluctuations are undesirable and committed to continued consultations regarding foreign exchange market developments.
The meeting highlights ongoing efforts by both governments to strengthen bilateral relations through coordinated policy actions on trade, technology, and financial stability.
