By Kang Hyun-kyung
President Lee Myung-bak and his U.S. counterpart Barack Obama agreed Thursday (KST) to expand their countries’ security-oriented alliance into a comprehensive and multi-faceted strategic partnership.
During a summit at the White House, the two leaders concurred that the Korea-U.S. alliance will become more solid when a free trade pact between the two countries takes effect.
In a joint statement, Lee and Obama shared the view that the Korea-U.S. free trade agreement (KORUS FTA) will help create jobs and allow their respective economies to grow further.
This in turn will eventually expand the hitherto security alliance to the economic sphere, thus elevating bilateral relations.
The summit came on the heels of congressional approval of the long-stalled KORUSFTA.
The two Presidents vowed to launch joint efforts to combat a possible renewed global financial crisis with effective measures such as increasing liquidity.
Lee and Obama agreed on the need to stabilize the financial market and mobilize efforts to explore substantial measures through close coordination between their overnments, according to the statement. The financial authorities of the two nations will work together to seek specific steps for a “currency swap.”
The two reached a similar deal in 2008 when the Wall Street-born financial crisis assailed global markets.
Lee and Obama also agreed to increase their contribution to the international community, with a focus on reconstruction and peace building in war-torn Libya.
South Korea and the United States will team up in capacity building, vocational training, health and medical services, and infrastructure building in the African nation.
Earlier, Seoul launched a diplomatic effort to join in the reconstruction of Libya.
It endorsed the National Transitional Council (NTC) as the legitimate authority of Libya. Seoul officials also met with the NTC leader to assist South Korean companies with operations there to continue to do business under a new government.
During the summit, Lee and Obama agreed to bolster security ties to counter nuclear and conventional threats posed by North Korea. The two leaders agreed to activate further the newly established Extended Deterrence Policy Committee (EDPC), which serves as a cooperation mechanism to respond effectively to Pyongyang’s weapons of mass destruction.
Lee and Obama agreed to work closely together for Seoul’s successful hosting of the Nuclear Security Summit slated for March next year.
Lee invited Obama to visit South Korea on the occasion of the summit, which the U.S. president accepted.
Lee started a state visit to the United States, Tuesday. The two leaders are scheduled to visit Detroit, home of the American auto industry together, today.
Lee will return to South Korea Sunday after wrapping up the six-day trip.