Washington: U.S. Treasury Secretary Scott Bessent has announced that South Korea and the United States have successfully finalized a cooperation framework on critical minerals. This framework is anticipated to address non-market policies and unfair trade practices. Bessent shared these remarks during a meeting with South Korea's Finance Minister Koo Yun-cheol in Washington on Friday, as stated by the Treasury Department.
According to Yonhap News Agency, Secretary Bessent expressed satisfaction with the finalization of the U.S.-Korea critical minerals framework. He noted that the framework would deepen collaboration on critical minerals between the two nations, promote market-based principles, and tackle non-market policies and unfair trade practices.
The discussions between the two sides also covered South Korea's ambitions to become a global hub for artificial intelligence (AI) and how AI could contribute to the G20's focus on enhancing productivity and economic growth. Bessent and Koo concurred that excessive volatility in the Korean won is "not desirable," agreeing to continue consultations on developments in the foreign exchange market.
Additionally, the meeting included updates on a bilateral trade and investment agreement and steps taken toward its "swift and faithful" implementation. Last year, the two countries reached an agreement where South Korea committed to investing US$350 billion in the United States, with an annual cap of $20 billion. In exchange, the U.S. agreed to lower its "reciprocal" tariffs on South Korean goods to 15 percent from the previous 25 percent.
Koo's visit to Washington was part of his attendance at meetings of the G20 finance ministers and central bank governors.