President Yoon and Biden to Hold Summit in Yongsan on the 21st... Keywords: 'Economy and Security' (Update)

"Shortest Agreement Among Presidents... Joint Declaration Near Completion"
"Visited Samsung Electronics Semiconductor Plant Together... Preparing Plan B Against North Korean Provocations"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol and U.S. President Joe Biden will hold their first Korea-U.S. summit on the afternoon of the 21st. The meeting is scheduled to take place in the office on the 5th floor of the Yongsan Presidential Office, with both leaders planning to conduct joint activities focusing on the keywords economy and security.

On the 18th, Kim Tae-hyo, First Deputy Director of the National Security Office, held a briefing at the Yongsan Presidential Office regarding the Korea-U.S. summit and revealed the detailed schedule. Kim said, "This Korea-U.S. summit is an official visit and will take place just 11 days after the inauguration, the shortest period among all past presidents," adding, "President Biden also chose Korea as his first destination in the Indo-Pacific region, which is symbolic."

President Biden will arrive in Korea late in the afternoon on the 20th for a 2-night, 3-day visit. The two leaders are expected to visit the Samsung Electronics semiconductor plant in Pyeongtaek, Gyeonggi Province, on the 20th. The heads of Korea’s top 10 conglomerates are expected to attend the welcoming dinner on the 21st. Kim said, "The visit to the Samsung Electronics semiconductor plant is a tentative schedule, but if the event takes place, President Yoon plans to attend, deliver a speech, and have a conversation with the workers." On the second day of Biden’s visit, the 21st, they will visit the Seoul National Cemetery in Dongjak-dong, then hold the summit and joint press conference at the Yongsan Presidential Office, followed by an official dinner.

The Korea-U.S. summit has been prepared since the presidential transition committee period after President Yoon’s election. According to Kim, most of the joint declaration and agreements are already in the final stages. Kim stated, "The vision of this Korea-U.S. alliance is to establish it as a foundation for strengthening peace in East Asia and globally."

Regarding the possibility of North Korean provocations during President Biden’s visit, Kim said, "The likelihood of a nuclear test by the weekend is relatively low," but added, "We assess that preparations for an intercontinental ballistic missile (ICBM) launch are imminent." He also mentioned that Plan B is being prepared in case North Korean provocations materialize during Biden’s visit.

Kim also said that President Biden’s visit will serve as an opportunity to strengthen the Korea-U.S. alliance into a comprehensive strategic alliance. He added, "Following the ongoing military alliance and economic alliance through the Korea-U.S. FTA (Free Trade Agreement), I think the Korea-U.S. technology alliance will be added this time."

A visit to the Demilitarized Zone (DMZ) is unlikely. When asked if President Biden plans to visit the DMZ, Kim said, "President Biden already visited the DMZ during his vice presidency. We are preparing security events with a different concept at other locations." Regarding Korea-U.S. joint military exercises, he said, "Due to the COVID-19 situation and cyber exercises, the Korea-U.S. exercises were scaled down, but the goal is to normalize regular Korea-U.S. military exercises this year."

Meanwhile, it has been confirmed that there has been no progress in health cooperation with North Korea. Kim said, "The U.S. has reached out to North Korea, but there has been no response so far," adding, "Since there has been no reaction from North Korea, concrete discussions will be difficult."