President Lee Jae-myung, who is visiting New York to attend the 80th U.N. General Assembly, met with a delegation of U.S. senators and representatives on the 22nd (local time) and exchanged views on strengthening South Korea-U.S. economic cooperation and the alliance, and on issues related to the Korean Peninsula. In particular, he said that "commercial rationality" must be ensured in the follow-up tariff talks surrounding the $350 billion investment in the United States (about 488 trillion won). The two sides reached a consensus on the need to improve the visa system to prevent a recurrence of the detention of a Korean national in Georgia. As related legislation is pending in the U.S. Congress, it is time to work on persuading lawmakers for passage.
In the afternoon that day in New York, Lee met with Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (Democrat–New Hampshire) and Sen. Chris Coons (Democrat–Delaware), as well as House Foreign Affairs Committee Ranking Member Gregory Meeks (Democrat–New York) and Indo-Pacific Subcommittee Chair Young Kim (Republican–California).
At the meeting, Lee referred to his first summit with President Donald Trump, saying, "Through a successful summit, a foundation has been laid for the South Korea-U.S. alliance to evolve into a 'future-oriented comprehensive strategic alliance' across all areas, including security, the economy, and advanced technology," and added, "To further develop future-oriented cooperation between the two countries, attention and support at the level of the U.S. Congress are needed."
He also said, "If it helps address issues on the Korean Peninsula, we welcome the United States playing a leading role as a 'peacemaker,'" adding, "Korea, as a 'pacemaker,' will support this and actively cooperate to resume North Korea-U.S. dialogue and build peace on the Korean Peninsula with President Trump." He again asked for the U.S. Congress' attention and cooperation.
In response, the U.S. lawmakers said, "The fact that the delegation paying a courtesy call on the president includes both the Senate and the House, and both Republicans and Democrats, shows strong congressional support in the United States for the solid South Korea-U.S. alliance," and added, "As the South Korea-U.S. summit was successfully held 4th, we will spare no congressional support so that industrial and technological cooperation between the two countries can be further strengthened in fields such as shipbuilding, biotech, and defense." They also expressed support for Lee's efforts to resolve the North Korean nuclear issue and achieve peace on the Korean Peninsula, saying, "We hope the Korean government's efforts will bear fruit, and we will actively cooperate at the congressional level."
◇ "Visa system needs improvement…tariff talks require "commercial rationality""
In particular, Lee said he hopes incidents like the recent detention of Korean professionals in Georgia will not be repeated. The U.S. lawmakers agreed on the need to improve the visa system and, according to the presidential office, expressed hope that such efforts by the two governments would help the so-called "Partner with Korea Act (PWKA)" pass the U.S. Congress.
The Partner with Korea Act would allow the annual issuance of up to 15,000 professional employment visas (E-4) for skilled Korean workers with specialized training. Because employment visas in the United States have recently been overly restricted, the bill was introduced with the intent of creating a separate channel for Korea, a leading investor in the United States. In 2013, more than 100 lawmakers joined in introducing the bill, but that number gradually declined, dropping to three this year amid the Trump administration's anti-immigration sentiment.
He also called for a "reasonable solution" regarding the tariff negotiations. Lee said, "There are concerns that instability could be triggered in Korea's foreign exchange market during the negotiation process, but in the end, both sides will be able to find a solution in a way that ensures 'commercial rationality.'" Regarding the $350 billion investment in the United States, Washington is demanding a direct cash investment. That amount is equivalent to 84% of Korea's foreign exchange reserves. Our negotiating team's position is to minimize the cash portion and use loans and guarantees. A Korea-U.S. unlimited currency swap was also proposed.