South Korea to strengthen economic security diplomacy

The Korea Times

The Korea Times

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Sun, December 10, 2023 | 10:08

Foreign Affairs

South Korea to strengthen economic security diplomacy

Posted : 2022-05-12 20:54

Updated : 2022-05-13 17:04

Foreign Minister Park Jin speaks during a press conference at the Ministry of Foreign Affairs in Seoul, Thursday. Yonhap

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By Kang Seung-woo

South Korea will bolster diplomacy focusing on economic security as the Yoon Suk-yeol administration is seeking enhanced cooperation with the United States in the area, new Foreign Minister Park Jin said, Thursday.

He also stressed that the shared values of South Korea and the U.S. such as liberal democracy and market economy should evolve actively in response to rising new challenges and a changing strategic environment.

Park, a four-term lawmaker, took office earlier in the day even though his confirmation report had not been adopted by the National Assembly amid objections from the main opposition Democratic Party of Korea (DPK).

His emphasis on economic security comes days ahead of Yoon's first meeting with U.S. President Joe Biden next week. The American president is scheduled to arrive in Seoul on May 20, with the summit slated for the following day.

Economic security and North Korea are expected to feature high on the summit agenda, as Washington is seeking to rally allies to rearrange supply chains that exclude China ― a top priority of the Biden administration as part of its efforts to curb Beijing's global influence.

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In that respect, Park said the government is positively reviewing the Indo-Pacific Economic Framework (IPEF), proposed by the U.S. aimed at countering China. The envisaged initiative is widely expected to be formally launched during Biden's Asia trip that will also include a stop in Japan.

"The government has been in consultations with the U.S. and other nations over the IPEF," Park said during a press conference at the Ministry of Foreign Affairs in Seoul after his appointment as minister.

"As a new order is being set up in the Indo-Pacific, South Korea and the U.S. will discuss ways to cooperate in the region."

Given that the nature of the IPEF may cause diplomatic friction with China, Park also tried to ease concerns over its impact on the nation's relationship with Beijing, its largest trading partner.

"It is not designed to target a certain country, so I think it wouldn't directly cause a conflict of interest with China," he said. "We will seek ways to maximize national interests for peace and stability in the region."

The minister also said he will push for "healthy" relations with China based on "mutual respect and cooperation."

"I think China has a role in the process of North Korea's denuclearization for peace and stability on the Korean Peninsula, so I will have consistent strategic communication with China," he said.

As for the North Korean nuclear issue, the foreign minister reiterated the current government's stance that if Pyongyang shows signs of completing denuclearization, Seoul will work with the international community to provide financial support for its northern neighbor.

In response to calls from South Korea and the U.S. for denuclearization, the Kim Jong-un regime has responded with multiple missile launches. On Thursday evening, the reclusive state fired three ballistic missiles ― the first such launch since Yoon took office on Tuesday.

Earlier this week, South Korea's Ambassador to the United Nations Cho Hyun urged North Korea to commit to complete, verifiable and irreversible denuclearization (CVID). Until recently, South Korea and the U.S. had refrained from using the term not to provoke North Korea.

"The use of CVID does not mean that we will take a new hardline stance. It is just the return to normal," Park said, adding that U.N. Security Council resolutions have mentioned CVID.

ksw@koreatimes.co.kr