Seoul: Korean Finance Minister Koo Yun-cheol held trade talks with US Treasury Secretary Scott Bessent on the details of Korea’s planned investment in the United States, a currency swap, and other issues during his ongoing visit to New York, the finance ministry said Thursday.

According to Emirates News Agency, Koo held separate talks with Bessent following a meeting between President Lee Jae Myung and the US Treasury Secretary. The Ministry of Economy and Finance reported this development in a notice to the press. Lee has informed Bessent that he expects to make progress in trade negotiations with Washington in a way that serves both countries’ interests based on “commercial rationality,” as stated by the presidential office.

The meeting between Lee and Bessent occurred on the sidelines of Lee’s attendance at the UN General Assembly. Seoul and Washington are working to finalize the details of a framework trade deal reached in late July, which includes Seoul’s $350 billion investment pledge. Seoul is said to have proposed setting up a bilateral currency swap with Washington as a safety measure to prevent any confusion in Korea’s foreign exchange market that could arise with the massive investment in the US.