Yellen’s first visit to Korea to attend the Korea-U.S. Treasury Ministers’ Meeting… Meeting with Choo Kyung-ho and Lee Chang-yong
Visited LG battery facilities and gave a ‘supply chain’ speech… Attention to discussion of US sanctions against North Korea
President Yoon Seok-yeol will meet with US Treasury Secretary Janet Yellen on the 19th.
According to the presidential office and Reuters on the 18th, President Yoon is scheduled to meet with Yellen at the presidential office in Yongsan the next morning.
National Security Office officials will also be present.
The US and South Korea agree on the need to strengthen cooperation in response to the supply chain and are expected to discuss sanctions against Russia.
In particular, it is attracting attention as it is expected that the plan for independent sanctions against North Korea to block North Korea’s financial lines will also be on the table.
Brian Nelson, the U.S. Treasury’s undersecretary for terrorism and financial intelligence, who oversees sanctions issues at the U.S. Treasury Department, visited South Korea in late last month and met with foreign ministry officials.
U.S. National Security Adviser Jake Sullivan said at a press conference on the 28th (local time) on the 28th (local time) if he could discuss additional sanctions against North Korea during Yellen’s visit to South Korea. Because we have adapted, we have been continuously looking for new sanctions for the past 18 months.”
An official from the presidential office explained, “There will be free discussions about current economic issues between the two countries.”
This is Yellen’s first visit to South Korea since taking office in January last year.
After attending the G20 finance ministers and central bank governors meeting held in Bali, Indonesia last weekend, I came to Korea for a meeting with the finance ministers of Korea and the United States.
The US Treasury Department said that Secretary Yellen will discuss ways to solve supply chain bottlenecks through ‘friendshoring’ while promoting the introduction of a price cap for Russian crude in Seoul.
After meeting with President Yoon, Yellen also meets with his counterparts, Choo Kyung-ho, Deputy Prime Minister and Minister of Strategy and Finance, and Bank of Korea Governor Lee Chang-yong.
During the meeting with Deputy Prime Minister Chu, in-depth discussions are expected to take place on global supply chain issues, tightening Russian sanctions, and countermeasures against inflation (inflation).
Amid the continued strengthening of the dollar, measures for cooperation between the two countries to alleviate volatility in the foreign exchange market are also expected to be on the agenda.
In particular, attention is paid to whether there will be any discussions related to the Korea-US currency swap.
However, on the 16th (local time), Deputy Prime Minister Chu visited Bali to attend the G20 finance ministers and central bank governors meeting. We also talked about it,” he said, emphasizing that it is difficult for a full-fledged discussion to take place.
Minister Yellen will also have a 40-minute meeting with President Lee to discuss the latest global economic and financial market conditions and global policy coordination.
Separately, Secretary Yellen will have a conversation with 30 female BOK employees on the topic of ‘economics and women’ and discuss how women’s participation can boost the economy.
During his visit to Korea, Minister Yellen will also visit LG Science Park, the LG Group’s LG Group, which announced plans to invest in battery manufacturing facilities for electric vehicles in the United States.
Minister Yellen will deliver a speech at the meeting, highlighting the importance of cooperation with allies such as South Korea to ease inflationary pressures and build resilient supply chains, the Ministry of Finance added.
/yunhap news
