Minister of Foreign Affairs Cho Hyun announced on the 22nd that a “Korea-Middle East Comprehensive Economic Cooperation Team” has been newly established to enable Korean companies to participate in reconstruction projects in the Middle East region following an end-of-war agreement between the United States and Iran.

At a press briefing that day, Minister Cho stated, “The Ministry of Foreign Affairs has been proactively preparing for the post-war phase even before the possibility was raised of a memorandum of understanding (MOU) on ending the war between the United States and Iran,” adding, “We established the economic cooperation team to draw up comprehensive and overarching economic cooperation plans with the Middle East, alongside enabling Korean companies’ participation in postwar damage recovery in the region.”

However, the ministry drew a line, saying that this team is not related to participation in the reconstruction fund of up to USD 300 billion (approximately KRW 460 trillion) discussed in the U.S.-Iran end-of-war negotiations. A senior Ministry of Foreign Affairs official said, “The reconstruction fund is at a very early stage, and there has been no formal request (from the U.S. side) yet,” and explained, “The economic cooperation team is intended to conduct preliminary reviews of cooperation measures across the broader Middle East, prioritizing the six Gulf Cooperation Council (GCC) countries and including Iraq and Iran.”

The government is placing expectations on producing tangible outcomes within this year under the ROK-U.S. security agreement. The senior foreign ministry official said at the briefing, “We expect that consultations, including on nuclear-powered submarines and the issues of uranium enrichment and spent nuclear fuel reprocessing, can be concluded within the year,” adding, “We are keeping open various formats such as revising the agreement or adopting an addendum, and will decide while looking at the substance of the agreement.” Addressing some concerns that the Coupang personal data leak issue and investment-related matters in the United States could affect the negotiations, the official stressed, “The governments of the Republic of Korea and the United States have already reached a certain level of consensus,” and “We will manage the situation so that corporate violations of domestic law are not excessively amplified.”

On differences between Seoul and Washington over solutions to the North Korean nuclear issue, the official assessed that “there is basically no major difference between the government’s step-by-step approach and the (U.S.) position of ‘complete denuclearization’.” This indicates that there is no significant divergence in positions, as the two sides have continued to coordinate through working-level consultations. Regarding recent speculation that China is “tacitly condoning” North Korea’s nuclear program amid Beijing’s restraint in mentioning the issue, the senior official analyzed, “It is a matter of choosing not to refer to it when deemed necessary,” citing complex factors such as North Korea-China and North Korea-Russia relations. The official added that a visit to Korea by Wang Yi, director of the Office of the Central Commission for Foreign Affairs of the Communist Party of China and Minister of Foreign Affairs, “will take place before long.”

Minister Cho is expected to hold talks on the 30th with Ukrainian Foreign Minister Andrii Sybiha, who will visit Korea, to discuss the transfer to South Korea of two North Korean prisoners of war captured on the Russian Kursk front. A senior foreign ministry official said, “We have already reached basic agreement with the Ukrainian side, and we expect there may be some progress when the minister visits Korea this time.”

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