South Korea and the United States signed a Memorandum of Understanding in Washington on Thursday to strengthen financing for energy and infrastructure projects.
It's the first MOU signed between the finance ministries of the two countries, with both saying it reaffirms the strong relationship between Seoul and Washington.
South Korea's finance minister Hong Nam-ki said the agreement is expected to support infrastructure development in Latin America and Southeast Asia through private investment and that working groups on the matter will begin work soon.
He added the MOU is expected to scale growth opportunities for both countries as it supports Korea's New Northern Policy in Southeast Asia and Washington's Indo Pacific Strategy.
Minister Hong also addressed the issue of Iran sanctions and the need for a swift resolution to Japan's export curbs on South Korea, saying it could disrupt the global value chain and hurt global growth.
While expressing hope Seoul and Tokyo's economic cooperative relationship can be brought back on track soon, U.S. Treasury Secretary Steven Mnuchin also highly assessed Seoul's efforts for a transparent foreign exchange policy.
South Korea is currently listed on the U.S. Treasury Department's currency manipulation monitoring list.
The U.S. is due to release its bi-annual foreign exchange report later this month.
Minister Hong also called for an exemption from possible tariffs on South Korea's auto exports to the U.S.
President Trump is expected to decide whether to impose tariffs on imported automobiles from South Korea, Japan, the EU and others by the end of next month.
Kim Hyesung, Arirang News.