Economic Chief: "There Will Be Discussions on the Foreign Exchange Market at the Korea-US Summit"

Drawing a Clear Line Against Overinterpretation of Possible Consultations Between the Two Central Banks
Yoon's Economic Keywords Related to the Tour
'Sales Diplomacy' · 'Strengthening Supply Chains of Advanced Industries' · 'Establishing Cooperation Foundations in Science, Technology, and Future Industries'

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] The Presidential Office on the 16th anticipated that discussions related to the foreign exchange market would take place during President Yoon Seok-yeol's Korea-US summit at the United Nations General Assembly.

Choi Sang-mok, Chief Secretary for Economic Affairs, responded to a question at the Yongsan Presidential Office building on the same day asking, "Is there a possibility that the Korea-US currency swap will be discussed or concluded at this Korea-US summit?"

He added, "During the Korea-US summit last May, the two leaders agreed to closely coordinate on the foreign exchange market, and there was also a meeting between the finance ministers, so I understand that discussions will naturally take place."

However, he explained, "What will be discussed at the summit is something that the two leaders will only know after meeting," and said, "I will report after the summit concludes."

When asked again whether the Korea-US governments are likely to focus discussions on the currency swap and whether there are consultations between the central banks of the two countries, he said, "In the aspect that the two leaders agreed to closely coordinate on the foreign exchange market, additional discussions may take place," but drew a line against overinterpretation.

Regarding President Yoon’s visits to the UK, the US, and Canada, Chief Secretary Choi cited key keywords such as sales diplomacy, strengthening supply chains of advanced industries, and establishing a cooperative foundation for science, technology, and future growth industries.

About President Yoon’s economic activities in New York, he emphasized, "There are five scheduled events including the Digital Vision Forum, a meeting with Korean-American scientists, the Korea-US Startup Summit, the K-Brand Expo, and the North American regional investors roundtable. In New York, which is emerging as a new hub of the digital industry with a concentration of IT companies, Korea’s digital innovation vision will be shared with the world."

Regarding the visit to Canada, Chief Secretary Choi explained, "Canada is a resource-rich country with abundant essential core minerals for secondary batteries such as lithium, nickel, and cobalt, and it has formed the world’s top artificial intelligence (AI) ecosystem centered around the University of Toronto, known as Silicon Valley."

He particularly noted, "At the Korea-Canada summit, core minerals and AI cooperation will be major agenda items," and added, "We are preparing to sign a memorandum of understanding (MOU) to further strengthen cooperation between the governments and companies of the two countries in the fields of core minerals and AI on the occasion of the summit."