Deputy Prime Minister Choo Kyung-ho met with US Treasury Secretary Janet Yellen, who was visiting Korea on July 19.
At the meeting held in Seoul, DPM Choo and Secretary Yellen agreed that the Korea-US economic partnership should be expanded and evolved under the ‘Global Comprehensive Strategic Alliance’ confirmed by the presidents of two countries at the Korea-US Summit in May.
The two countries shared views and held in-depth discussions on a wide range of issues facing both countries, including global and domestic economic outlooks, actions on Russia’s war against Ukraine, foreign exchange market developments and cooperation, and responses to climate change and global health issues.
DPM Choo and Secretary Yellen discussed the resilience of the Korean economy, including its impressive recovery from the COVID-19 pandemic, effective use of public health measures and fiscal measures, as well as the strength of Korea’s external sector. They also agreed that Korea’s recovery is a testament to its strong economic fundamentals and robust policy framework.
The two ministers also discussed the merits of a price cap on Russian oil. Following the July 1 conference call, Secretary Yellen once again stressed the need for introducing a coalition that caps the price paid for Russian oil and invited Korea to join. Regarding financial and foreign exchange market issues, the two ministers agreed to continue to consult closely on exchange markets and cooperate preemptively as appropriate on currency issues. The two ministers recognized they have the ability to implement various cooperative actions such as liquidity facilities if necessary.