U.S. Treasury Secretary Scott Bessent speaks during a press briefing in the James S. Brady Press Briefing Room at the White House in Washington D.C., on Apr. 15. Reuters-Yonhap
WASHINGTON — U.S. Treasury Secretary Scott Bessent has said that Korea and the United States have finalized a cooperation framework on critical minerals, expressing expectations that it will help address non-market policies and unfair trade practices, according to his department.
Bessent made the remarks during a meeting with Korea's Finance Minister Koo Yun-cheol in Washington on Friday, the Treasury Department said in a press release.
"Secretary Bessent noted that he was pleased to see the U.S.-Korea critical minerals framework finalized, which will pave the way to deepen critical minerals collaboration between the United States and Korea, enhance market-based principles, and address non-market policies and unfair trade practices," it said.
The two sides also discussed Korea's efforts to be a global hub for artificial intelligence (AI) and how AI can further the G20's focus on boosting productivity and economic growth, according to the department.
Koo and Bessent agreed that excessive volatility in the Korean won is "not desirable," and that they will continue consultations on foreign exchange market developments, it said.
In addition, they shared updates on a bilateral trade and investment agreement and steps taken toward its "swift and faithful" implementation, the department said.
Last year, the two countries struck the agreement under which Korea pledged to invest $350 billion — with an annual cap of $20 billion — in the United States in return for the U.S. lowering its "reciprocal" tariffs on Korea to 15 percent from 25 percent.
Koo was in Washington to attend meetings of the G20 finance ministers and central bank governors last week.
Source: Korea Times News
