Who held the first video conference between South Korea’s new finance minister and the U.S. Treasury secretary?

South Korean Finance Minister Lee Hyoung-il and U.S. Treasury Secretary Scott Bessent held the video conference. It was their first meeting since Lee took office last month.

What roles and priorities were highlighted in the South Korea-US finance chiefs’ discussion?

Lee Hyoung-il is South Korea’s finance minister and also serves as deputy prime minister. The officials focused on shared economic policy priorities and opportunities to deepen bilateral economic and financial cooperation.

S. Korea, US finance chiefs reaffirm bilateral economic cooperation

Q: Why did Lee Hyoung-il and Scott Bessent discuss South Korea-US economic cooperation?

Bessent stressed the importance of bilateral cooperation in economic and financial affairs, while Lee expressed hope for close communication and cooperation. They also reviewed shared economic policy priorities and ways to strengthen their relationship.

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Summary

South Korea’s Finance Minister Lee Hyoung-il and U.S. Treasury Secretary Scott Bessent reaffirmed economic and financial cooperation during a video conference. The discussion was their first since Lee took office last month. Bessent congratulated Lee on his appointment, while both officials discussed shared economic policy priorities and ways to strengthen bilateral cooperation.

Key Facts

Lee Hyoung-il serves concurrently as South Korea’s deputy prime minister.
The U.S. Treasury said Bessent underscored the importance of the U.S.-Republic of Korea economic and financial relationship.
Lee expressed hope for close communication and cooperation with Bessent.
The meeting was held by video conference.

By Yonhap

Published Oct 14, 2026 12:02 am KST
Updated Oct 14, 2026 7:42 am KST

This combined image from Yonhap News Agency and Getty Images/AFP shows South Korea's Finance Minister Lee Hyoung-il, left, and U.S. Treasury Secretary Scott Bessent.

The finance ministers of South Korea and the United States have reaffirmed the importance of economic and financial cooperation between the two countries, according to Seoul's finance ministry.

Finance Minister Lee Hyoung-il held a video conference with U.S. Treasury Secretary Scott Bessent for the first time since Lee took office last month, according to the ministry.

Bessent congratulated Lee on his appointment and stressed the importance of bilateral cooperation in economic and financial affairs.

Lee thanked Bessent for his congratulations and expressed hope for close communication and cooperation, the ministry said.

The two ministers also discussed shared economic policy priorities and ways to strengthen bilateral cooperation.

The Treasury also issued a release on the finance chiefs' virtual exchange.

"Secretary Bessent congratulated Deputy Prime Minister Lee on his new role and underscored the importance of the U.S.–Republic of Korea economic and financial relationship," the release said, adding, "The two officials discussed shared economic priorities and opportunities to strengthen bilateral cooperation."

In South Korea, the finance minister doubles as the country's deputy prime minister.

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