Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Deterrence against North Korea, economic security on top of summit agenda
President Yoon Suk-yeol and his U.S. counterpart Joe Biden / Yonhap
By Nam Hyun-woo
Two leaders seek to reiterate security alliance, expand economic partnership
By Nam Hyun-woo
The deterrence on nuclear threats from North Korea and strengthening economic security will top the agenda at the upcoming summit between President Yoon Suk-yeol and his U.S. counterpart Joe Biden, according to Seoul's presidential office, Thursday.
The two leaders will sit together for a summit on Saturday afternoon, with Biden visiting Seoul's new presidential office in Yongsan District. The U.S. leader is scheduled to arrive here Friday afternoon.
The meeting will focus mostly on confirming that the allies are on the same page on two agenda items. Kim Tae-hyo, first deputy director of the Office of National Security, said the two countries “are reaching a stage of completion” on most debatable agenda items.
In this April 18 photo, U.S. military helicopters are parked at U.S. Army Garrison Humphreys in Pyeongtaek, Gyeonggi Province, during joint exercises with South Korea. Newsis
Of those, the top priority will be placed on the security of the Korean Peninsula and threats posed by North Korea.
“To discuss economic security, climate change or other issues, we must guarantee that we can protect the lives of our people,” Kim said. “So the top priority in the summit will be about coming up with action plans on how the allies can strengthen the extended deterrence clearly and effectively.”
Extended deterrence refers to the ability of U.S. military forces to deter nuclear threats against its allies.
Yoon, who was elected on March 9, has been stressing a stronger South Korea-U.S. deterrence as the most effective tool in countering North Korea's escalating missile and nuclear threats.
Based on this principle, the “normalization” of Seoul-Washington joint military exercises and the deployment of U.S. strategic assets on South Korean soil could be discussed during the summit.
During the previous Moon Jae-in administration, the joint military exercises between the South Korean military and U.S. Forces Korea have been scaled down with most field training exercises having been canceled due to the COVID-19 pandemic and Moon's Korean Peninsula peace initiative.
In April, Yoon said in an interview that those drills would resume as early as this fall in order to improve Seoul's deterrence against Pyongyang, and he would consult with the U.S. over the timeframe of holding those drills.
Deploying U.S. strategic assets on the Korean peninsula is also expected to be on the table of discussions.
During a phone call between Seoul's new defense minister Lee Jong-sup and his U.S. counterpart, Lloyd Austin, Wednesday, Lee stressed the importance of the deployment of U.S. strategic assets on the peninsula, in order to send warnings against the North's nuclear threats and show off the allies' combat readiness.
Watchers expect long-range bombers such as the B-52H, the B-1B and the B-2 as possible U.S. strategic assets that can be deployed.
“In terms of the U.S. strategic assets, some assets can be mobilized immediately and others will take weeks for deployment. And we are considering both of them,” Kim said.
In this undated file photo, workers are seen at a Samsung Electronics semiconductor manufacturing plant. Courtesy of Samsung Electronics
Among the summit agenda items, talks over economic security are also expected to gain attention.
According to the presidential office, the concept is emerging in the wake of recent global supply chain instability, and is aimed at forming industrial alliances in order to prevent potential disruptions in a country's supply side.
“If the market is at the normal status, there will be no necessity for a government to intervene in the supply chain,” a senior official at the presidential office said. “However, if there is a setback in the semiconductor supply, which results in difficulties in the entire automobile supply, there is a necessity for the government to explore ways to address those difficulties.”
In line with this move, Yoon is seeking to join the Indo-Pacific Economic Framework (IPEF), a new economic grouping of U.S. allies. The IPEF, however, is sparking concerns that it may trigger a backlash from Beijing, as it is widely believed as a U.S. attempt to contain China's technological and industrial influences in the global market.
The official said South Korea's effort to improve its economic security and intention to join the IPEF are not aimed at “sidelining China.”
“The global supply chain is connected and there is a need to come up with international rules for high-tech industries,” the official said. “In this sense, the IPEF is a positive idea and it is not aimed at sidelining China.”
The official added that the IPEF is not an international pact, and it is about building a platform for cooperation between countries, adding that he thinks the current concerns over the IPEF seem to be exaggerated.