New york: President Lee Jae Myung has informed U.S. Treasury Secretary Scott Bessent that he anticipates progress in trade negotiations with Washington, emphasizing that these should benefit both nations based on "commercial rationality." The meeting took place on the sidelines of Lee's participation in the U.N. General Assembly as both nations aim to finalize details of a framework trade deal, initially agreed upon in late July. This deal involves a significant $350 billion investment pledge from Seoul.
According to Yonhap News Agency, President Lee expressed his hope that discussions surrounding the investment package would advance in a manner that aligns with the interests of both South Korea and the United States. Kim Yong-beom, the presidential chief of staff for policy, conveyed this sentiment to reporters, highlighting the importance of commercial rationality in the ongoing talks.
During the discussions, Lee also pointed out the notable differences between South Korea and Japan, which recently concluded its own investment deal with Washington. He stressed that South Korea's economic size, foreign exchange reserves, market structure, and infrastructure should be taken into account during negotiations.
Secretary Bessent conveyed that U.S. President Donald Trump acknowledges South Korea's significance as a partner, particularly highlighting its contributions to the shipbuilding sector. Kim noted Bessent's appreciation for South Korea's investment and cooperation in critical industries, emphasizing the value placed on Seoul's active support in these areas.