Choi Sang-mok and US Treasury Secretary Hold Video Meeting: "Economic System Strong, Emergency System Stable"

South Korea's Request Leads to 25-Minute Meeting
Yellen Confirms "Strong ROK-US Alliance"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is having a video conference with U.S. Treasury Secretary Janet Yellen at 9 p.m. KST on the 10th at the Government Complex Seoul in Jongno-gu, Seoul, discussing the direction of economic policy operations in response to the domestic political situation. (Source: Ministry of Economy and Finance)

The finance ministers of South Korea and the United States held their first video conference since the martial law situation, reaffirming economic and financial cooperation between the two countries. This meeting, arranged at South Korea's request, lasted about 25 minutes.

According to the Ministry of Economy and Finance on the 11th, Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, held a video conference with U.S. Treasury Secretary Janet Yellen at 9 p.m. the previous day at the Government Seoul Office. On this day, Deputy Prime Minister Choi explained that the South Korean government’s administration has been stable even after the emergency martial law situation.

Deputy Prime Minister Choi stated, "South Korea’s democratic procedures are fully functioning, and while public safety and order are maintained, all national systems including politics and economy are operating normally as before, leaving no room for confusion."

He particularly mentioned, "Regarding the economic sector, our economic system is solid, and the emergency response system is operating stably," adding, "Going forward, the Deputy Prime Minister will take the lead in proactively responding to volatility in financial and foreign exchange markets while maintaining a consistent and systematic economic policy stance."

To quickly quell the aftermath of the situation, he explained, "We will actively participate in the emergency economic consultative body involving the ruling party, opposition parties, and government to ensure that major economic policies proceed without disruption through dialogue and cooperation." Lastly, Deputy Prime Minister Choi urged, "The Korea-U.S. relationship as a close economic and financial cooperation partner must continue to develop."

Secretary Yellen stated, "We reaffirm the strong Korea-U.S. alliance formed on shared democratic values and hope that cooperation between the two countries will continue in the future."

The U.S. government has expressed dismay over the declaration of martial law and various questions surrounding the declaration process, as well as the lack of prior communication between South Korea and the U.S. Kurt Campbell, Deputy Secretary of State, criticized President Yoon Suk-yeol’s martial law declaration as a "serious misjudgment" and an "illegal process," with senior diplomatic officials voicing unusually strong criticism. U.S. Secretary of Defense Lloyd Austin also abruptly canceled his visit to South Korea considering the martial law situation and the ensuing political turmoil, including the South Korean National Assembly’s proposal to impeach President Yoon Suk-yeol.

The Ministry of Economy and Finance is strengthening communication through various channels to alleviate concerns from the international community. Previously, letters signed by the Deputy Prime Minister were sent to finance ministers of major countries including the U.S., international credit rating agencies, international financial institutions, foreign investors, and international investment banks (IBs). Starting this week, they are attempting to engage with the three major international credit rating agencies and foreign-invested companies.