President Lee Jae Myung met with U.S. Treasury Secretary Scott Bessent to discuss ongoing trade negotiations between the two nations.

Kim Yong-beom, Lee's presidential chief of staff for policy, confirmed at a briefing in New York on Wednesday local time that Lee and Bessent met at the Permanent Mission of the Republic of Korea to the United Nations earlier that day, and that Lee had emphasized the importance of the two nations' bilateral ties.

Lee also told Bessent that security cooperation between the two allies was progressing smoothly and expressed his hope that ongoing trade talks would move forward based on "commercial rationality."

Lee said in the meeting that though the U.S. and Japan have already finalized an investment deal, South Korea differs significantly from its neighbor regarding factors such as economic size, foreign exchange market and infrastructure, and encouraged Bessent to consider those differences at the negotiating table.

Kim told reporters Bessent confirmed that U.S. President Donald Trump fully recognizes South Korea as an important partner, especially in the shipbuilding sector, and that trade and economic cooperation will be discussed internally.