Korean, US officials discuss cooperation in economic security, supply chains in talks in Washington

Second Vice Foreign Minister Kim Jina speaks during a Cabinet meeting at the presidential office in Yongsan, Seoul, Tuesday. Yonhap

Senior diplomats of Korea and the United States discussed bilateral cooperation in enhancing economic security and securing "trusted" supply chains during their economic talks in Washington on Wednesday, the State Department said.

Seoul's Second Vice Foreign Minister Kim Jina and U.S. Under Secretary of State for Economic Affairs Jacob Helberg held the 10th Senior Economic Dialogue (SED), after a bilateral trade and investment deal was finalized during the second summit between President Lee Jae Myung and U.S. President Donald Trump in late October.

"The under secretary and second vice foreign minister also emphasized the importance of enhancing joint economic security measures and securing trusted supply chains," the department said in a release.

The two sides also discussed ways to strengthen economic and national security alignment to preserve collective competitiveness and maintain secure supply chains, including cooperation to address unfair and non-market policies and practices, it added.

In addition, they explored further collaboration on critical minerals, with Helberg highlighting Korea's leadership on resilient supply chains in both regional and multilateral fora.

The meeting reaffirmed economic and other commitments made during the two summits between President Lee Jae Myung and U.S. President Donald Trump in August and October.

The department stressed that those commitments "inaugurated a more modernized U.S.-ROK Alliance." ROK stands for Korea's official name, the Republic of Korea.

Under the two countries' trade and investment deal, Seoul committed to investing $350 billion in the U.S. — $150 billion in the U.S. shipbuilding sector and additionally $200 billion — among other pledges in return for Washington's lowering of "reciprocal" tariffs on Korean goods to 15 percent from 25 percent.

The SED highlighted the success of the deal, which the department said is "central to cementing progress on reciprocal trade, energy security, shipbuilding, and emerging and critical technologies, according to the department.

The two sides also discussed Korean government- and private sector-led investments in American manufacturing and ongoing efforts to facilitate Korean business travel to the U.S., including through the Korea-U.S. Business Travel and Visas Working Group.