The United States and the Republic of Korea Advance Economic Cooperation at the 5th Senior Economic Dialogue
“The Republic of Korea is a global economic powerhouse, which shares our same values and democratic principles. The U.S.-ROK economic partnership, which includes safeguarding a clean 5G infrastructure from untrusted, high-risk vendors, will serve as a linchpin for securing a peaceful and prosperous economic future for our two countries and the world.” —Under Secretary Keith Krach, October 13, 2020
“We recognize the importance of continuing to bolster our economic partnership amidst the COVID-19 pandemic and global economic uncertainties. Building on our close cooperation in the fight against this pandemic, we will continue our joint efforts in the months to come to prevent this pandemic from disrupting our economic interactions.” —Vice Foreign Minister Lee Tae-ho, October 13, 2020
The U.S. Department of State hosted the fifth United States (U.S.)-Republic of Korea (ROK) Senior Economic Dialogue (SED) in a virtual format on October 13. Under Secretary of State for Economic Growth, Energy, and the Environment Keith Krach and Ministry of Foreign Affairs 2nd Vice Foreign Minister Lee Tae-ho led the delegations.
The 5th SED provided an opportunity to take stock of progress and explore avenues to further cooperation between the ROK and the United States, particularly in line with the New Southern Policy of the ROK and the Indo-Pacific Strategy of the United States.
Both sides intend to continue their close coordination through the SED to further strengthen bilateral economic ties and enhance their partnership on regional and global issues.
In recognition of the ROK’s ascendance as a leading global economy, Under Secretary Krach highlighted the ways in which the U.S.-ROK economic partnership has expanded its scope of cooperation from bilateral and regional issues to increasing engagement on global issues – including in the areas of economic security, women’s economic empowerment, and protecting sensitive and emerging technologies.
The discussion showcased the strength of the U.S.-ROK economic partnership during a time of unprecedented global economic and public health challenges, and focused on opportunities to expand bilateral cooperation to combat the COVID-19 pandemic, accelerate global economic recovery and supply chain and manufacturing diversification, and advance prosperity across the Indo-Pacific region.
NOTE: this is NOT the complete release.