S. Korean gov't to prepare for possible Trump-Kim summit, roll out economic relief for small firms

국정안정 고위당정협의회: 미국 신정부 준비 + 북핵 문제에 대한 우리의 대응 구상과 로드맵을 마련 + 민생경제 예산 조기 집행

A high-level consultation between government officials and ruling lawmakers took place earlier on this Friday with economy security and diplomacy on the agenda.
Our correspondent Oh Soo-young has details.

The government and ruling People Power Party have pledged joint efforts to roll out aid for ailing businesses, and prepare for the incoming Donald Trump Administration and its possible engagement with North Korea.
This came on Friday during a high-level consultation meeting between various Cabinet members and ruling party officials.
Held at the residence of Acting President and Prime Minister Han Duck-soo, the talks took place for the first time in three months, signifying the greater need for government-party cooperation, following President Yoon Suk Yeol's suspension from duties.
As Yoon faces impeachment over imposing martial law, the two sides stressed the need to recover South Korea's credibility abroad,
pledging to strengthen communication with major partner countries and to stably manage foreign relations.
Based on South Korea-U.S. and South Korea-U.S.-Japan cooperation, the government and the ruling party agreed to establish a firm response posture to North Korea’s threats and provocations.
They will also prepare strategies and roadmaps to address North Korea’s nuclear developments and
preemptively respond to the possibility of U.S.-North Korea dialogue, given incoming U.S. President Donald Trump's two summits with North Korean leader Kim Jong-un.
With Trump to reclaim the Oval Office in January, the government and ruling party agreed to establish a comprehensive response system covering political and economic realms, and utilizing the country's businesses and public-private networks to effectively engage with Washington.
Faced with lingering trade and economic uncertainty, as well as increased volatility in financial markets,. the government and PPP agreed to release the 2025 Economic Policy Direction within the year reflecting the need for proactive cooperation in maintaining economic credibility, adapting to trade changes, strengthening industrial competitiveness, and stabilizing livelihoods.
Aiming to execute the budget from the first day of next year, the government plans to concentrate spending on supporting small firms, and socially disadvantaged groups, and alleviating the financial burdens suffered by ordinary citizens.
One measure includes launching recovery projects and loans for small firms beginning January, with the budget for loans to expand by 60 billion won, or 41 million U.S. dollars, to roughly 2.6 billion dollars.
With various domestic and security challenges ahead, acting party leader and floor leader Kweon Seong-dong requested Han to urgently appoint ministers for the Ministry of National Defense and the Ministry of the Interior and Safety to maintain security and public safety, particularly towards the year-end when many gatherings take place.
In a briefing later on Friday, Kweon for the first time expressed support for a consultative body between the government and both the ruling and opposition parties, after days of resisting the idea backed by the opposition, Assembly Speaker and the Prime Minister Han Duck-soo.
He said the PPP agreed to participate in the dialogue, focusing on people's livelihoods and national security, and discussions concerning the members of the group are currently underway.
Oh Soo-young, Arirang News.

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2024-12-20, 17:00 (KST)