S. Korea-US critical minerals agreement finalized, says Bessent

U.S. Treasury Secretary Scott Bessent announced that South Korea and the United States have finalized a cooperation framework on critical minerals, with expectations that it will help tackle non-market policies and unfair trade practices, according to his department.

Bessent made the remarks during a meeting with South Korea's Finance Minister Koo Yun-cheol in Washington on Friday, the Treasury Department said in a press release, News.Az reports, citing foreign media.

"Secretary Bessent noted that he was pleased to see the U.S.-Korea critical minerals framework finalized, which will pave the way to deepen critical minerals collaboration between the United States and South Korea, enhance market-based principles, and address non-market policies and unfair trade practices," it said.

The two sides also discussed South Korea's efforts to be a global hub for artificial intelligence (AI) and how AI can further the G20's focus on boosting productivity and economic growth, according to the department.

Koo and Bessent agreed that excessive volatility in the Korean won is "not desirable," and that they will continue consultations on foreign exchange market developments, it said.

In addition, they shared updates on a bilateral trade and investment agreement and steps taken toward its "swift and faithful" implementation, the department said.

Last year, the two countries struck the agreement under which South Korea pledged to invest $350 billion — with an annual cap of $20 billion — in the United States in return for the U.S. lowering its "reciprocal" tariffs on South Korea to 15 percent from 25 percent.

Koo was in Washington to attend meetings of the G20 finance ministers and central bank governors last week.

News.Az 

By Ulviyya Salmanli