"Korea's Economic Scale and Foreign Exchange Market Differ from Japan... Mutual Interests Must Be Served"
Secretary Besant: "There May Be Temporary Difficulties, But They Are Fully Surmountable"
President Lee Jaemyung, who is visiting New York, United States, to attend the United Nations (UN) General Assembly, met with Treasury Secretary Scott Besant at the Korean UN Mission on the 24th (local time) to discuss the stalled Korea-US tariff negotiations. This meeting between President Lee and Secretary Besant comes about a month after their previous encounter, which took place during the Korea-US summit in Washington, D.C. in August.
According to a briefing by Kim Yongbeom, Director of Policy at the Presidential Office, President Lee stated during the meeting with Secretary Besant, "The Korea-US relationship is very important as an alliance, and close cooperation between the two countries is crucial not only for security but also for the maintenance and development of the alliance in economic terms." He added, "While cooperation in the area of security is progressing well, it is also necessary to achieve positive consultations in the field of trade."
President Lee once again emphasized "commercial rationality" regarding the 350 billion dollar Korea-US investment fund. He said, "I hope discussions will progress in a way that serves the interests of both countries based on commercial rationality," and noted, "Although there was a recent agreement between the United States and Japan on an investment package, Korea is significantly different from Japan in terms of economic scale and foreign exchange market infrastructure." President Lee further requested, "I hope these aspects will be taken into account so that the negotiations proceed smoothly."
In response, Secretary Besant said that although there may be temporary difficulties, they are fully surmountable. He stated, "The Korea-US alliance is strong, and while there may be short-term and temporary challenges, they can be fully overcome." He also expressed appreciation, saying, "Korea's cooperation is extremely important in the shipbuilding sector, which the United States considers a key area, and we are grateful for your active support."
Secretary Besant further commented, "I understand that there has been progress in the trade sector regarding Korea-US trade negotiations," and added, "I have listened carefully to President Lee's remarks on investment in the United States and will discuss them internally."
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