ⓒYONHAP News

President Yoon Suk Yeol and U.S. President Joe Biden held a joint press conference after their first summit talks in Seoul on Saturday.

With North Korea and economic security dominating the agenda, the two leaders said they discussed ways to implement the shared goal of developing the bilateral alliance into a comprehensive global strategic alliance.

They also reaffirmed the goal of achieving the complete denuclearization of North Korea while noting the door to dialogue remains open. 

The two sides said that if Pyongyang takes practical steps toward denuclearization, bold plans will be prepared with the international community to improve the North Korean economy.

They also reiterated their intent to provide humanitarian support as the North grapples with a COVID-19 outbreak.

On economic security, the allies agreed to step up cooperation through frequent communication and a new dialogue channel on supply chains and cutting edge technology.

South Korea has also formally confirmed its participation in the U.S.-led initiative known as the Indo-Pacific Economic Framework (IPEF).

The summit went longer than the scheduled 90 minutes, lasting about two hours.

It consisted of a small group meeting, a one-on-one and an extended meeting involving eleven officials from each side.

At the meeting, President Yoon said the Korea-U.S. alliance must also evolve in a way fitting for an era of economic security.

Biden said the alliance served as a linchpin for peace and prosperity in the region for decades and also played an important role in deterring North Korean threats.

In the evening, an official banquet was held at the National Museum of Korea attended by the two presidents and key government and business officials.

Earlier Saturday, Biden visited the Seoul National Cemetery and paid his respects to fallen soldiers. 

On Friday, shortly after arriving, he visited a Samsung semiconductor plant in Pyeongtaek, Gyeonggi Province, with Yoon.

On Sunday, Biden, alongside Yoon, was scheduled to visit the Korean Air and Space Operations Center in Osan, Gyeonggi Province, wrapping up his three-day visit to Korea.

Industry ministers and businesspeople from South Korea and the U.S. also held talks in Seoul on the sidelines of Biden's visit to Korea. 

According to the Trade, Industry and Energy Ministry, Minister Lee Chang-yang met with U.S. Commerce Secretary Gina Raimondo at a Seoul hotel on Saturday morning.

Noting that weakened global supply chains were fueling instability, the two sides agreed to a joint response by combining Korea's manufacturing capacity with the technological prowess of the U.S. 

To this aim, the two sides signed a memorandum of understanding (MOU) on upgrading their existing director-level dialogue on industrial cooperation to a ministerial-level dialogue.

Under the agreement, talks will be held once a year to discuss a range of issues related to economic security, including supply chains, the digital economy, healthcare and export control.

Lee and Raimondo also shared the view that the soon-to-launch Indo-Pacific Economic Framework (IPEF) will contribute to establishing a resilient and sustainable economic order in the region.

Regarding cooperation on semiconductors, Lee asked for U.S. support for Korean firms including SMEs.

After their talks, the two officials also jointly presided over a roundtable meeting that brought together 16 business executives, eight from each side, including the heads of South Korea's top five conglomerates.

The attendees discussed response measures to surging demand for semiconductor equipment and cooperation on clean energy.