President Yoon Reaffirms Goal of North Korean Denuclearization... Strengthening ROK-US Alliance into Economic Security [ROK-US Summit]

"President Biden Confirms Strong ROK-US Defense and Practical Extended Deterrence Commitment"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol and U.S. President Joe Biden reaffirmed their commitment to extended deterrence against North Korean provocations and agreed to reactivate the high-level Extended Deterrence Strategy and Consultation Group (EDSCG). In particular, President Yoon stated, "There was also discussion on the necessity of various forms of joint exercises between the two countries in preparation for a nuclear attack."

On the 21st, President Yoon, during his opening remarks at the expanded summit meeting at the Yongsan Presidential Office, said, "Our two leaders reaffirmed the shared goal of the complete denuclearization of North Korea," and added, "Under the common understanding that security can never be compromised, we agreed that strong deterrence against North Korea is of utmost importance."

President Yoon also emphasized, "President Biden confirmed the firm ROK-U.S. defense and practical extended deterrence commitments." He further stated, "If North Korea takes concrete steps toward denuclearization, we will prepare a bold plan to drastically improve North Korea’s economy and the quality of life of its people in cooperation with the international community," and added, "Regarding the current COVID-19 crisis, we are willing to actively provide support on humanitarian and human rights grounds, separate from political and military issues."

He also expressed his stance on economic security. President Yoon said, "We live in an era where the economy is security, and security is the economy," and noted, "Disruptions in supply chains due to changes in the international trade order directly affect the lives of our people." He continued, "The ROK-U.S. alliance must also develop and evolve in line with the era of economic security." He added, "Yesterday, at the advanced semiconductor industry site I visited with President Biden, I felt the strength of the ROK-U.S. economic and technological alliance," and said, "Going forward, the two countries will expand mutual investments and cooperate to stabilize supply chains in strategic industries such as semiconductors and batteries."

Additionally, President Yoon declared that the ROK and the U.S. will jointly work to establish a rules-based order in the Indo-Pacific region. To this end, he emphasized participation in the Indo-Pacific Economic Framework (IPEF) and stated, "We will also develop strategies to expand our regional contributions and roles."

He also pledged to strengthen cooperation on global issues. President Yoon said, "The tragedy caused by Russia’s invasion of Ukraine must be resolved quickly so that the Ukrainian people can return to peaceful daily life, and the ROK and the U.S. will actively cooperate with the international community," adding, "By establishing the Global Health Security (GHS) Coordination Office in Seoul, we will contribute to sustainable global health security."