[Breaking] Lee to skip meetings with NATO leaders in Netherlands

President Lee Jae Myung will skip his meeting with leaders of the North Atlantic Treaty Organization later this week in The Hague, Netherlands, said Wi Sung-lac, director of national security at the presidential office, in a note to reporters on Sunday.
The upcoming summit, scheduled to be held Tuesday and Wednesday, would have been the fourth consecutive NATO event at which a South Korean leader has appeared. Lee's disgraced conservative predecessor, former President Yoon Suk Yeol, did not miss any of the NATO summits held during his presidency from May 2022 to April this year.
South Korea is not a member of NATO, but over the past few years, the alliance has regarded South Korea as one of its like-minded Indo-Pacific partners — the so-called "IP4," along with Japan, Australia and New Zealand — that contribute to cooperative security and deterrence.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Korea Herald

13 hours ago

• Korea Herald

Lee discusses stimulus, diplomacy with bipartisan delegation

Lee hosts ruling and opposition party leadership for lunch, just 18 days into presidency President Lee Jae Myung held a lunch meeting with a bipartisan delegation Sunday at his official residence in Hannam-dong, Yongsan-gu, Seoul, to discuss the government's recent stimulus proposal and his visit to Canada to attend the G7 summit last week. There, Lee stressed a need to narrow down differences between rival parties. "Many world leaders (I met during the G7 summit) had a significant amount of interest in South Korea's present and future, so I thought we could conciliate with each other over the external issues," Lee said. "I thought we should review the economic situation of South Korea and the issues of national security and diplomacy that lay the foundation for South Korea's economy. Especially, we should work on the extra budget bill, and it is natural to have different opinions," he continued. Bowls of colorful noodles were served at lunch, according to the presidential office. The meeting marked the start of "candid conversation" between the president and leaders of rival parties, Woo Sang-ho, senior presidential secretary for political affairs, said in a briefing on Sunday Present at the meeting were Rep. Kim Byung-kee, floor leader of the ruling Democratic Party of Korea; Rep. Kim Yong-tae, interim leader of the main opposition People Power Party and People Power Party Whip Rep. Song Eon-seog. The ruling party chair position has yet to be filled. The primary focus of the meeting was the 30.5 trillion won ($22.2 billion) supplementary budget that is set to be tabled at the National Assembly on Monday. Among the extra budget is a 15.2 trillion-won stimulus plan, largely designed to shore up consumption by doling out 13 trillion won worth of cash-equivalent coupons to all South Korean citizens. Each individual will receive coupons worth at least 150,000 won. Additionally, 5 trillion won was allocated in the supplementary budget for small businesses and economically marginalized groups. The plan includes a 1.4 trillion won scheme to write off debts of small business owners -- up to 50 million won per individual -- that have been overdue for seven years or more. The liberal government's budget proposal gained Cabinet approval Thursday. At the meeting, People Power Party's interim leader Kim told Lee that he was wary of expansionary fiscal policy because it could lead to inflation. Kim also said Lee's debt write-off plan could prompt people's unwillingness to resolve delinquency. The ruling liberal party has the legislative power to single-handedly pass the budget bill, as it requires at least half of the votes by National Assembly lawmakers present at the session. The parliament is currently led by the ruling Democratic Party, which occupies 167 seats out of the 298. The conservative main opposition People Power Party holds 107 seats. Just before Sunday's lunch meeting, Democratic Party floor spokesperson Rep. Kim Hyun-jung claimed that a plenary session to pass the extra budget bill must take place before July 4, regardless of whether the People Power Party consents. Also during the meeting, Lee shared with the political leaders about his debut on the international stage as a guest at the Group of Seven summit, according to the presidential office. Chief of staff Kang Hoon-sik, on Tuesday, had extended a general invitation to the opposition party leaders while Lee was in Canada for the G7 summit. On Thursday, Lee told Kang that the meeting with bipartisan leadership should take place early, and the date was set for Sunday. This stands in contrast with Lee's conservative predecessor Yoon Suk Yeol, who first met the then-opposition leader Lee about two years into his presidency in April 2024, only after the then-ruling People Power Party suffered a crushing defeat in the general election.

Korea Herald

13 hours ago

• Korea Herald

Trump's attack on Iranian nuclear sites sparks fears for Korean economy

South Korea's economy has enjoyed a boost since the inauguration of President Lee Jae Myung, but now finds itself bracing for the impact of the US attacks on three of Iran's core nuclear sites — Fordow, Natanz and Isfahan. On Sunday, US President Donald Trump said in an address at the White House that Tehran's 'key nuclear enrichment facilities' had been 'completely and totally obliterated' by US forces. 'There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days,' noted Trump, adding that the US will go after other targets if Iran does not agree to peace. Industry insiders here are concerned that this escalation of the conflict in the Middle East may increase oil prices in Korea, which imports approximately 70 percent of its crude oil from the region. Even before the direct intervention of the US, Korea's oil price had soared after an uptick in global crude oil prices, primarily driven by the ongoing Israel-Iran conflict that started June 13. As of Friday, Key international oil benchmarks — WTI Crude and Brent Crude — surged 5.29 percent and 3.75 percent to $76.84 and $77.01 per barrel, respectively, compared to June 13. According to the Korea National Oil Corporation, domestic gasoline prices for the third week of June rose by 0.48 percent from the previous week, reaching 1,635.5 won per liter. 'A rise in global crude oil prices could lead to several economic uncertainties, including fluctuations in Korean companies' stock prices and government bonds,' said Kim Tae-hwang, an international trade professor at Myongji University. Kim warned of a worst-case scenario in which Iran pursues retaliatory actions, including blocking one of the most important passages for oil tankers, the 'Strait of Hormuz.' This could negatively impact Korean companies, with skyrocketing maritime freight rates and disruption in the global supply chain. Kang Jin-hyuk, a researcher at Shinhan Investment Corp., also stated in a report on Friday that the key factor is whether or not Iran would shut down the Strait of Hormuz. "However, Iran's leverage could be limited by potential backlash from disrupting oil exports to allies like China, economic harm from controlling a strait crucial for 85 percent of its trade and the US' capacity to offset oil shocks with shale gas production," said Kang. 'If the conflict between the US and Iran goes on, and this does not necessarily include the onset of World War III — which is unlikely — but a prolonged stalemate in their nuclear negotiations could extend market uncertainty,' said Kim. 'This situation might force the Bank of Korea to raise the base rate, potentially leading to inflation.' The Industry of Trade, Industry and Energy held an emergency meeting later in the day to assess the potential impact the US airstrikes on Iran's nuclear sites could have on domestic industries. The ministry will examine the current status of domestic crude oil and liquefied natural gas supplies, the operation of oil tankers and LNG carriers on Middle Eastern routes, and response measures for possible logistics disruptions. The ministry explained that it has secured approximately 200 days' worth of oil reserves and natural gas stocks, ensuring no immediate supply glitches.

Korea Herald

13 hours ago

• Korea Herald

[Breaking] Lee to skip meetings with NATO leaders in Netherlands

President Lee Jae Myung will skip his meeting with leaders of the North Atlantic Treaty Organization later this week in The Hague, Netherlands, said Wi Sung-lac, director of national security at the presidential office, in a note to reporters on Sunday. The upcoming summit, scheduled to be held Tuesday and Wednesday, would have been the fourth consecutive NATO event at which a South Korean leader has appeared. Lee's disgraced conservative predecessor, former President Yoon Suk Yeol, did not miss any of the NATO summits held during his presidency from May 2022 to April this year. South Korea is not a member of NATO, but over the past few years, the alliance has regarded South Korea as one of its like-minded Indo-Pacific partners — the so-called "IP4," along with Japan, Australia and New Zealand — that contribute to cooperative security and deterrence.