President Yoon Meets U.S. Secretary Yellen: "Hoping to Strengthen the Economic Security Alliance"

Yellen "Hope Korea-US Economy Can Address Important Issues Together for Global Economy"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 19th, President Yoon Suk-yeol met with U.S. Treasury Secretary Janet Yellen and said, "I also hope that the comprehensive strategic alliance between Korea and the U.S. will be further strengthened from political, military, and security cooperation to industrial technology security, and further to an economic and financial security alliance."

President Yoon received Secretary Yellen at his office in the Yongsan Presidential Office Building in the afternoon and said, "It is well known that the role and influence of the U.S. have been significant in the birth and development of the Republic of Korea under a constitutional system based on liberal democracy and market economy."

President Yoon first welcomed her, saying, "I am truly pleased and delighted to meet Secretary Yellen, an internationally renowned figure who has led the U.S. economics academia and central bank, and is currently serving as Treasury Secretary."

He continued, "In May, U.S. President Joe Biden visited Korea and declared a global comprehensive strategic alliance between Korea and the U.S., and we are hosting you, Secretary, at a good time when this alliance is expanding into the field of economic security."

In response, Secretary Yellen said, "I look forward to addressing important issues concerning both the Korea-U.S. economy and the global economy together. The U.S. places great value on this close partnership with Korea," emphasizing, "The U.S. considers Korea a long-standing ally and friend, and deeply values Korea’s prosperous democracy and economy, as well as our close friendship and shared values."

President Yoon also said, "I expect and am confident that Secretary Yellen’s visit will be an opportunity to further advance the diverse and comprehensive alliance between Korea and the U.S." It is believed that during the private talks on the day, issues related to economic security, including sanctions on North Korea, were also discussed.

Secretary Yellen, in an interview with major foreign media on a military aircraft the previous day, stated that she would likely discuss North Korea sanctions during meetings with senior Korean government officials and revealed that additional sanctions exist to strongly pressure North Korea to abandon its nuclear weapons program.

She also mentioned that efforts are underway to strengthen trade relations and supply chains with trusted allies, including Korea, to reduce dependence on China for critical products such as rare earth elements and solar panels.

This content was produced with the assistance of AI translation services.