New york: Finance Minister Koo Yun-cheol held discussions with U.S. Treasury Secretary Scott Bessent concerning South Korea's planned investment in the United States, a proposed currency swap, and other bilateral trade issues during his visit to New York, the finance ministry revealed on Thursday.
According to Yonhap News Agency, Koo conducted separate talks with Bessent on these pending matters between South Korea and the United States in New York on Wednesday. This meeting followed an earlier engagement between President Lee Jae Myung and the U.S. treasury secretary. The discussions between Koo and Bessent focused on advancing the economic partnership between the two nations.
The Ministry of Economy and Finance has stated that it cannot disclose specific details of the discussions as negotiations are still in progress. The talks are part of ongoing efforts to finalize the framework of a trade agreement reached in late July, which includes South Korea's commitment to a US$350 billion investment in the United States.
President Lee Jae Myung expressed optimism to Bessent about progressing in trade negotiations with Washington in a manner that benefits both countries, emphasizing the importance of "commercial rationality," according to the presidential office. The meeting between Lee and Bessent took place on the sidelines of Lee's participation in the U.N. General Assembly.
Additionally, Seoul has proposed establishing a bilateral currency swap with Washington. This measure aims to safeguard against potential disruptions in Korea's foreign exchange market, which could occur due to the significant investment in the U.S.