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Korea Chair Monitor Summary (June 26 - July 9, 2014)

Core Content

The Korea Chair Monitor provides a biweekly overview of significant political, economic, and security developments involving South Korea, its relations with the United States, China, and other regional actors, as well as domestic political changes and North Korean activities.

PRC-ROK Relations

• Park Geun-hye - Xi Jinping Summit: On July 3, South Korean President Park Geun-hye held a state summit with Chinese President Xi Jinping at the Blue House in Seoul. This was their second summit since taking office. A joint statement was issued, emphasizing the desire to deepen bilateral relations, strengthen cooperation for peace and stability on the Korean Peninsula and North Asia, and expand economic cooperation and trade.
• Agreements Reached: The two leaders agreed to finalize a bilateral free trade agreement (FTA) by the end of 2014, launch a Korea-China Young Leaders Forum, sign a consular agreement, and resume maritime boundary negotiations by next year.
• Direct Currency Trade: They also agreed to open a new market for direct trading of the Korean won and the Chinese yuan in South Korea.

U.S.-ROK Relations

• Bilateral Public Diplomacy Discussions: On July 8, U.S. Under Secretary of State for Public Diplomacy and Public Affairs Richard Stengel met with South Korean Second Vice Minister of Foreign Affairs Cho Tae-yul in Seoul to initiate high-level talks on public diplomacy, including cultural and people-to-people exchanges.
• Future Engagement: During his two-day visit, he planned to meet with Fulbright English teaching assistants and Korean students and youth leaders to enhance bilateral ties.

Economic and Trade Developments

• ROK-Turkey FTA Negotiations: The seventh round of Korea-Turkey investment and services free trade negotiations took place in Seoul from June 30 to July 4. These negotiations are expected to conclude in the first half of 2015.
• ROK-China FTA: The Korea-China FTA was expected to be finalized by the end of 2014, with the agreement to direct currency trade between the two nations.

Security and Regional Cooperation

• Trilateral CICS Meeting: On July 1, during the RIMPAC exercise in Hawaii, U.S. Chairman of Joint Chiefs of Staff General Martin Dempsey held the first trilateral talks with South Korean and Japanese counterparts, Admiral Choi Yoon-hee and General Shigeru Iwasaki. The meeting aimed to address North Korea's emerging threats and find productive solutions.
• North Korea Missile Tests: On July 8, North Korea launched two short-range ballistic missiles, part of four launches since June 26. These included four Scud missiles and five 300mm rocket shells, all landing in the East Sea.
• Japan Lifts Sanctions on North Korea: Japanese Prime Minister Shinzo Abe announced on July 3 that Japan would lift three sanctions on North Korea, including restrictions on people flow, cash transfers, and the embargo on North Korean ships for humanitarian activities. The North Korean Special Investigation Committee was also mentioned.

Domestic Politics

• Cabinet Reshuffle: President Park's administration underwent a cabinet reshuffle, with National Assembly hearings held throughout the week of July 7. Lee Byung-kee was endorsed as Director of the National Intelligence Service on July 9. The nominee for Minister of Strategy and Finance, Choi Kyung-hwan, was under consideration, with a decision pending. President Park also decided to retain Chung Hong-won as Prime Minister after considering two nominees.

Looking Ahead

• July 10: President Park will hold a bipartisan meeting with Saenuri Party and New Politics Alliance for Democracy floor leaders to discuss a government reorganization bill and a proposal to abolish the Coast Guard in response to the Sewol ferry disaster.
• July 14: The Saenuri Party will hold its convention to elect a new chairman, with Suh Chung-won and Kim Moo-sung as main contenders.
• July 21-22: South Korea, the U.S., and Japan will conduct the trilateral Search and Rescue Exercise (SAREX) in international waters south of Jeju Island.
• August 14-18: Pope Francis will visit South Korea for the first time since 1995, including visits to Sewol Ferry victims and a meeting with President Park.

Additional Information

The Korea Chair Monitor is a biweekly publication by the CSIS Office of the Korea Chair, providing nonpartisan analysis on international public policy issues related to Korea. Contributors include Victor Cha, Ellen Kim, Marie DuMond, Andy Lim, Brian Jihyuk Kim, Sarah Hong, and Dongwon Kim. The publication can be accessed online, and readers are encouraged to follow CSIS on social media for real-time updates.