Choo Kyung-ho Meets U.S. Yellen to Discuss Cooperation Measures in Financial and Foreign Exchange Markets

On the afternoon of the 19th, Janet Yellen, U.S. Secretary of the Treasury, visited the Yongsan Presidential Office building in Seoul and was introduced to President Yoon Suk-yeol before greeting Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho. 2022.7.19 [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 19th that he plans to "fully discuss the trends in financial and foreign exchange markets and cooperation measures" during his meeting with Janet Yellen, U.S. Treasury Secretary, who is visiting Korea.

Deputy Prime Minister Choo held the Korea-U.S. Treasury Ministers' Meeting with Secretary Yellen at Lotte Hotel in Jung-gu, Seoul, in the afternoon and stated in his public remarks, "I hope that the two countries will thoroughly discuss cooperation measures regarding global supply chain disruptions, rising raw material prices, and other risk factors."

Choo said, "As an economic security alliance, the global economic situation faced by Korea and the U.S. is becoming increasingly severe day by day. Supply chain disruptions due to the pandemic and the sharp rise in raw material prices following the Ukraine war are intensifying inflationary pressures. The monetary tightening to respond to this is causing financial market instability and concerns about economic slowdown."

He added, "Today, I intend to exchange candid opinions with Secretary Yellen on various issues faced by both countries. I hope that this meeting will enhance mutual understanding and trust between the financial authorities of the two countries, and based on this, the comprehensive strategic alliance between Korea and the U.S. will further develop and expand in the future."

This is the first visit by a U.S. Treasury Secretary to Korea in six years since 2016, and it is Secretary Yellen's first visit to Korea since taking office early last year. Secretary Yellen officially visited Korea after attending the G20 Finance Ministers' Meeting held in Bali, Indonesia, on the 15th and 16th. Philip Goldberg, U.S. Ambassador to Korea, also attended the meeting.

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