 |
| ▲ South Korean Finance Minister Choo Kyung-ho (L) shakes hands with U.S. Treasury Secretary Janet Yellen ahead of their meeting in Seoul on July 19, 2022. (Pool photo) (Yonhap) |
S Korea-US-finance chiefs
S. Korea, U.S. to discuss ways to cooperate in FX market: Korean finance chief
SEOUL, July 19 (Yonhap) -- South Korea and the United States plan to discuss ways to promote cooperation in the foreign exchange market and global and bilateral economic issues, Seoul's finance minister said Tuesday.
Finance Minister Choo Kyung-ho made the remarks during his talks with U.S. Treasury Secretary Janet Yellen in Seoul amid heightened economic uncertainty from Russia's war with Ukraine and global monetary tightening.
"The global economic situations facing South Korea and the U.S. have become graver," Choo said.
Inflationary pressure has built up amid supply chain disruptions and a spike in commodity prices, while global monetary tightening drives have sparked jitters in the financial market and concerns about an economic downturn.
Along with ways to promote cooperation in the foreign exchange market, Seoul and Washington plan to discuss global issues, including climate change and the COVID-19 pandemic, Choo said.
Yellen said strengthening economic security and building resilient supply chains will help ease "costly" disruptions leading to spikes in prices.
"We will also discuss our ongoing efforts to hold Russia to account for its brutal and illegal war against Ukraine -- including by exploring a price cap on Russian oil to deprive Russia of oil revenues and to lower oil prices for consumers," she said.
She added the U.S. and South Korea continue to work "in lockstep" to limit North Korea's continued development and proliferation of its nuclear and missile programs.
Yellen arrived in South Korea late Monday for a three-day visit as part of her first trip to Asia that included stops in Japan and Indonesia. It marked the first visit by a U.S. treasury secretary to South Korea since 2016.
(END)
(C) Yonhap News Agency. All Rights Reserved
