President Yoon: "The ROK-US Alliance Must Develop and Evolve to Match the Era of Economic Security" [ROK-US Summit]

President Biden: "The ROK-US Alliance Will Be Elevated to a New Level... We Will Set Norms Together on Climate and Supply Chains"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol emphasized on the 21st during the expanded Korea-US summit with US President Joe Biden that "the Korea-US alliance must also develop and evolve in line with the era of economic security."

In his opening remarks at the expanded Korea-US summit held at the Yongsan Presidential Office in the afternoon, President Yoon stated, "We are living in an era of economic security where the economy is security and security is the economy. Changes in the international trade order and supply chain disruptions are directly affecting the livelihoods of our people."

President Yoon continued, "Yesterday, at the advanced semiconductor industry site I visited with President Biden, I could feel the strength of the Korea-US economic and technological alliance," adding, "Going forward, the two countries will expand mutual investments in strategic industries such as semiconductors and batteries and cooperate to stabilize supply chains."

He added, "I believe today's summit will be a very useful opportunity to discuss how the two countries will cooperate to strengthen economic security cooperation and address global issues."

President Biden also expressed gratitude for President Yoon's hospitality and said, "The Korea-US alliance was built on shared sacrifices and a common will for the freedom of the Republic of Korea, as well as a strong determination that borders should not be changed by force. Through this visit, our Korea-US partnership will be elevated to a higher level."

He continued, "For decades, the Korea-US alliance has been a core pillar of regional peace and prosperity. It has also been very important in deterring threats from North Korea. Today, the Korea-US alliance is essential for maintaining security in this region and the world. Our two countries are responding together to the opportunities and challenges of this era. The Korea-US alliance is also working together on COVID-19 response, securing supply chains, addressing the climate crisis, strengthening regional security, and setting norms for a free and open Indo-Pacific," he elaborated.

He then said, "Thank you for the productive dialogue so far, and I look forward to spending more time together. I hope we will further strengthen the great friendship between our two countries."

Attending the expanded summit from the Korean side were Choi Sang-mok, Senior Secretary for Economic Affairs to the President, Kim Sung-han, Director of the National Security Office, Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, Park Jin, Minister of Foreign Affairs, and Lee Chang-yang, Minister of Trade, Industry and Energy.

From the US side, Jake Sullivan, National Security Advisor, Gina Raimondo, Secretary of Commerce, and Daniel Kritenbrink, Assistant Secretary of State for East Asian and Pacific Affairs, attended.