'Yoon-Biden' 90-Minute Summit on the 21st... Discussing 'Economy and Security' for a Comprehensive Strategic Alliance (Summary)

-"Following the Economic Alliance, a Korea-US Technology Alliance Added"... Intention to Strengthen Economic Security Capabilities by Actively Participating in IPEF

-"Achieved in the Shortest Period Among All Presidents... Joint Declaration Near Completion"

-"Visiting Samsung Electronics Semiconductor Factory Together... Preparing Plan B Against North Korean Provocations"

[Asia Economy Reporters Baek Kyunghwan, Lee Gimin] President Yoon Suk-yeol and U.S. President Joe Biden will hold their first Korea-US 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 conducting joint activities focusing on 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-US summit and revealed detailed schedules. Kim said, "This Korea-US summit is an official visit and is taking place just 11 days after inauguration, the shortest period among all presidents," adding, "President Biden also chose Korea as his first visit in the Indo-Pacific region, which is symbolic."

[Image source=Yonhap News]

◆Arriving in Korea on the afternoon of the 20th... From the National Cemetery to the Semiconductor Factory= President Biden will arrive in Korea late afternoon on the 20th for a 3-day, 2-night visit. On the second day of his visit, the 21st, he will visit the Dongjak-dong National Cemetery, then hold the summit and joint press conference at the Yongsan Presidential Office, followed by an official dinner. Notably, the two leaders are expected to visit the Samsung Electronics semiconductor factory in Pyeongtaek, Gyeonggi Province, together on the 20th. 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 factory 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."

The Korea-US summit has been prepared since President Yoon’s election during the presidential transition committee period. According to Kim, most of the joint declaration and agreements are already near completion. Kim stated, "The vision of this Korea-US 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.

◆Korea-US Alliance as a Comprehensive Strategic Alliance... Active Participation in IPEF= Kim also mentioned that President Biden’s visit will serve as an opportunity to strengthen the Korea-US alliance into a comprehensive strategic alliance. Kim said, "Following the military alliance and the economic alliance through the Korea-US FTA, I think a Korea-US technology alliance will be added this time."

Kim emphasized President Yoon’s vision to strengthen Korea-US relations as a comprehensive strategic alliance, stating, "We will closely pursue policy and strategic coordination based on shared values and mutual interests," and "Cooperation will continue to expand geographically and in terms of agenda."

Kim’s remarks are interpreted as Korea’s intention to actively participate in the U.S.-led Indo-Pacific Economic Framework (IPEF) to enhance economic security capabilities. IPEF is a comprehensive economic cooperation initiative announced by U.S. President Biden at the East Asia Summit in October last year, aiming to strengthen regional economic cooperation by establishing common principles and standards in areas such as trade facilitation, supply chain stabilization, digital economy, decarbonized clean energy, and infrastructure cooperation for shared prosperity in the Indo-Pacific region. Unlike traditional trade agreements targeting goods, services, and market opening, technology cooperation is considered an essential element.

So far, eight countries including the U.S. have confirmed participation in IPEF, and President Yoon will attend the IPEF launch summit in Japan on the 24th via video conference. Kim said, "One or two additional countries may join beyond the eight, but the U.S. and Korea will play leading roles, setting new norms and standards, inviting other countries, and realizing our national interests within IPEF."

However, regarding relations with China, which is considered a major player in global trade conflicts alongside the U.S., Kim drew a clear line, saying, "This is not about excluding China." He added, "Our country currently designates about 199 supply chains as sensitive items and monitors them in real time, many of which involve trade with China. Although the Korea-China FTA already exists, follow-up agreements are being discussed with China." A presidential office official explained, "Among the 199 items, 60-70 are traded with China, and the rest with the U.S."

◆Goal to Normalize Regular Korea-US Military Exercises= It appears that a visit to the Demilitarized Zone (DMZ) will not take place. 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-US joint military exercises, he said, "Due to the COVID-19 situation, exercises were scaled down and conducted through cyber drills, but the goal is to normalize regular Korea-US military exercises this year."

Meanwhile, progress on health cooperation with North Korea has not been made. Kim said, "The U.S. has expressed willingness to North Korea for COVID support and health cooperation, but there has been no response so far," adding, "Specific discussions will be difficult until North Korea responds."