On Friday, Secretary of the Treasury Scott Bessent met with Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol of the Republic of Korea. Secretary Bessent and Minister Koo shared updates on the U.S.-Korea Trade and Investment Agreement and steps taken toward its swift and faithful implementation.
Secretary Bessent noted that he was pleased to see the U.S.-Korea critical minerals framework finalized, which will pave the way to deepen critical minerals collaboration between the United States and South Korea, enhance market-based principles, and address non-market policies and unfair trade practices. They also discussed South Korea’s efforts to be a global Artificial Intelligence hub, and how AI can further the G20’s focus on boosting productivity and economic growth.
Secretary Bessent and Minister Koo agreed that excessive volatility in the Korean won is not desirable, and to continue consultations on foreign exchange market developments.