U.S. Treasury Secretary Scott Bessent said he is "pleased that the U.S.-Korea Critical Minerals Framework has been finalized."
Bessent announced the outcome of his Nov. 17 meeting with South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol in Washington, D.C., in a post on X, formerly Twitter, on Wednesday local time. Bessent emphasized that the critical minerals framework "will deepen U.S.-Korea cooperation on critical minerals, reinforce market-based principles, and help address non-market policies and unfair trade practices." The meeting took place during Koo's visit to Washington, D.C. to attend the regular spring meeting of G20 finance ministers.
The United States and South Korea previously signed a memorandum of understanding (MOU) on the Critical Minerals Framework Cooperation at the Indo-Pacific Energy Security Ministerial Meeting held in Tokyo, Japan, on March 14-15. The two countries agreed to pursue comprehensive cooperation, including joint project development, investment promotion, stockpiling, and recycling. Bessent's remarks are interpreted as giving concrete shape to this agreement.
The U.S. Treasury Department said, "Secretary Bessent and Deputy Prime Minister Koo exchanged views on the latest developments in the U.S.-Korea trade and investment agreement and the measures taken for its prompt and faithful implementation." It added that "the two sides also discussed Korea's efforts to emerge as a global artificial intelligence (AI) hub and how AI can support the G20's key priorities of boosting productivity and economic growth."
The department further said, "Secretary Bessent and Deputy Prime Minister Koo agreed that excessive volatility in the won is not desirable," adding that "they agreed to continue consultations on foreign exchange market developments."
