Korea, U.S. Pledge Forex Cooperation

      October 14, 2011 09:20

      President Lee Myung-bak and U.S. President Barack Obama embrace at the White House in Washington on Thursday.

      President Lee Myung-bak and his U.S. counterpart Barack Obama on Wednesday agreed on the need to stabilize currencies through the supply of foreign exchange liquidity if present economic uncertainties continue. They agreed to cooperate in bilateral currency swap arrangements.

      The Bank of Korea signed a US$30 billion temporary currency swap deal with the U.S. Federal Reserve Board in October 2008.

      The two leaders in a statement after their meeting at the White House also presented a united front toward North Korea, urging the regime to abandon its nuclear weapons program, mend relations with the international community and improve the lives of its people.

      They also agreed to cooperate more closely to implement agreements for the consolidation and development of the bilateral alliance, including the Guidelines for U.S.-South Korea Defense Cooperation and Strategic Alliance 2015, to prepare for the handover of full operational control of Korean troops to South Korea in 2015.

      The two leaders also agreed to support democratic development and economic reconstruction in Libya.

      Meanwhile, then two countries signed an agreement on a joint clean energy research and development and agreed to strengthen cooperation in green industries like electric cars, smart grid, and biofuel.

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