Economic Cooperation
Bessent to hold US-China trade talks in Seoul before Trump-Xi summit
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U.S. Treasury Secretary Scott Bessent will stop in Seoul on Wednesday for talks with Chinese Vice Premier He Lifeng and South Korean officials ahead of next week’s Trump-Xi summit in Beijing.
Korea and Pakistan will begin the first round of negotiations on a bilateral Comprehensive Economic Partnership Agreement (CEPA) on Monday. Seoul's trade ministry said the virtual talks aim to boost trade and investment. Kim Jang-hee, director general for Trade Agreement Negotiations, and his Pakistani counterpart Nasir Hamid will hold four days of discussions.
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A bilateral economic cooperation agreement between South Korea and Moldova took effect on Friday, the foreign ministry said. It paves the way for broader partnerships in energy, transportation, and science and technology. The pact will allow South Korean companies wider access to the region.
President Lee Jae Myung unveiled the SHINE initiative for Middle East cooperation at Cairo University. The initiative emphasizes stability, harmony, innovation, network, and education to promote peace, deepen economic partnerships, and expand cultural exchanges. In a summit with Egyptian President Abdel Fattah El-Sisi, the two nations agreed to enhance cooperation on peace and defense.
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South Korean President Lee Jae Myung and Chinese President Xi Jinping held their first summit in Gyeongju during Xi's visit to South Korea after 11 years. The two sides emphasized cooperation for denuclearization and peace on the Korean Peninsula, signing seven memorandums of understanding (MOUs) to expand practical ties. After the talks, they exchanged gifts with lighthearted banter.