President Yoon Meets with US Secretary Yellen: "Discuss Cooperation Measures for Foreign Exchange Market Stability" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol met with Janet Yellen, the U.S. Secretary of the Treasury, who is visiting Korea on the 19th, and urged, "Please have in-depth discussions between Korean and U.S. authorities on various practical cooperation measures to stabilize the foreign exchange market."

The presidential office briefed that President Yoon made these remarks during a meeting with Secretary Yellen at the Yongsan office in the afternoon.

President Yoon had previously agreed to hold close consultations on the foreign exchange market during the Korea-U.S. summit with U.S. President Joe Biden in May.

Regarding this, President Yoon said, "I also hope that the comprehensive strategic alliance between Korea and the U.S. will be further strengthened from political and military security to industrial technology security, and further to an economic and financial security alliance."

President Yoon also discussed global inflation with Secretary Yellen. Referring to his attendance at the NATO summit in June, President Yoon said, "The current crisis facing the global economy is not easily resolved by the efforts of any single country alone, and must be overcome through joint efforts based on solidarity and cooperation among nations."

He also emphasized, "Through international cooperation, we must stabilize global energy prices and resolve supply chain difficulties, and for this, Korea and the U.S. must actively cooperate under shared goals."

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

The presidential office stated, "Secretary Yellen also agreed that such cooperation is the path for Korea-U.S. relations to develop beyond a security alliance into an industrial technology alliance."

President Yoon and Secretary Yellen agreed that low-income and vulnerable groups have been the hardest hit by the global economic crisis following the COVID-19 pandemic, and that overcoming the livelihood crisis is the top priority for both governments.

President Yoon also mentioned the U.S. government's response to stagflation in the 1980s, saying, "I hope the two countries’ treasury ministers will discuss this." In particular, he urged, "I ask Secretary Yellen and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho to demonstrate the best teamwork at the Korea-U.S. treasury ministerial meeting," adding, "The president will also take an interest and spare no support."

Meanwhile, the official explained that there was no discussion related to North Korea sanctions during the meeting.

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