Presidential Office: "South Korea-US Confirm Global Comprehensive Strategic Alliance Vision of 'Peace, Security, and Prosperity'" [South Korea-US Summit]

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] The Presidential Office evaluated the outcomes of the Korea-US summit on the 21st, stating that it "confirmed the vision of a global comprehensive strategic alliance."

Kim Sung-han, Director of the National Security Office of the Presidential Office, said during a briefing following the joint press conference of the Korea-US summit, "The two leaders were consistently warm and very friendly, and engaged in in-depth discussions based on a firm belief and philosophy in the Korea-US alliance."

He added, "It should be emphasized that the Korea-US alliance aims to contribute to peace, security, and prosperity not only in the Indo-Pacific region but worldwide, based on universal values such as freedom and human rights."

He also emphasized, "Secondly, an Alliance in Action. It is not just an alliance in words, but a Korea-US alliance that acts and practices, which can be counted as an achievement."

He continued, "In other words, to prepare for the North Korean nuclear and missile threats, the United States' extended deterrence measures were specifically stated, and the consultative body will be promptly reactivated. The Extended Deterrence Strategy Consultation Group (EDSCG) was held for the second time in 2018 and has not been convened since, but it will be reactivated so that both Korea and the US can practically discuss ways to specify extended deterrence." In this summit, it was agreed that if Korea requires, the US will timely deploy strategic assets and take additional measures depending on the situation.

Director Kim also cited the establishment of an economic security and technology alliance as an achievement. He said, "We will cooperate to stabilize supply chains and foreign exchange markets. Nuclear cooperation, such as small modular reactors (SMR) and overseas nuclear power plant contracts, will be significantly strengthened, and a new economic security dialogue between the Korea-US National Security Councils (NSC) was established," he added.

Furthermore, he evaluated that the summit created an opportunity to expand Korea's role in the Indo-Pacific region and international issues. He said, "We officially joined the Indo-Pacific Economic Framework (IPEF), and President Yoon plans to participate virtually in the IPEF launch ceremony held in Tokyo next Monday afternoon."

He continued, "IPEF is not a final concept but rather an evolving initiative. Initially, we will directly participate in setting various rules and systems. In that process, Korea will strive to ensure favorable rule-setting regarding supply chains, trade, digital economy, and infrastructure."

Additionally, he said, "Lastly, the establishment of a close trust relationship between the two leaders can be remembered as a significant achievement. The two leaders spent time together yesterday and today, exchanging views. They talked candidly about mutual interests such as governance philosophy, pets, and the importance of family, broadening the depth and breadth of their mutual understanding."

Wang Yoon-jong, Economic Security Secretary of the National Security Office, who attended the briefing, responded to reporters' questions about mutual investment in strategic industries between Korea and the US, saying, "Corresponding to the announcements by our companies to increase investments in the US, the US side also hopes to make substantial investments going forward, and these matters were discussed."

He explained, "Especially this morning, a Korea-US business roundtable was held with US Secretary of Commerce Gina Raimondo, Korea’s Minister of Trade, Industry and Energy Lee Chang-yang, Korean businesspeople, and several US CEOs. There, it was noted that a complementary investment relationship is maintained, so there will likely be many fields where investments will increase in the future."

He added, "Samsung is building a foundry in Taylor, and in return, US companies, which have strengths in equipment and materials sectors, are expected to show interest and invest in Korea. It is important that we establish a solid foundation for this."

Regarding the use of the phrase "peace in the Taiwan Strait" in this Korea-US summit and the anticipated Chinese pushback, he explained, "As I see it, the Taiwan-related expression was also included in the last summit in May of last year. It should be understood as a continuation of seeking mutual stability."

He added, "The stability of the Taiwan Strait is directly related to our national interests, so there is almost no possibility that China would retaliate against Korea or misunderstand this issue."