Seoul: National Security Adviser Wi Sung-lac expressed skepticism about securing a currency swap arrangement with the United States, intended as a safeguard for South Korea's $350 billion investment commitment. However, he remains hopeful that Seoul and Washington can eventually reach a compromise in ongoing trade discussions.

According to Yonhap News Agency, Wi highlighted the challenges faced by both countries in narrowing their differences over the investment package. This package is linked to reducing U.S. tariffs on Korean goods from 25 percent to 15 percent. In a joint interview with Yonhap News Agency and other local wire services, Wi stated, "Our government has suggested a currency swap line, but it will not be easy given precedent in how the U.S. has handled such arrangements."

Wi clarified that while a currency swap is a "necessary condition," other "sufficient conditions" must also be fulfilled for a deal to be finalized. Despite the challenges, Wi, a former diplomat with extensive experience in U.S. negotiations, conveyed a balanced perspective. "From my own experience of having led tough negotiations, I am not that pessimistic," he said.

Negotiators are striving to make progress before the Asia-Pacific Economic Cooperation (APEC) summit scheduled for Oct. 31-Nov. 1. Wi mentioned the summit could serve as a potential turning point in the trade talks, saying, "I am not sure when the time will be but the APEC summit could serve as an opportunity."

Beyond trade talks, Seoul and Washington are working on a security package, which includes South Korea's increased defense spending and modifications to a nuclear pact to secure spent fuel reprocessing capability. Wi noted that both sides have "reached equilibrium" on these issues. Under the current agreement, South Korea can enrich uranium below 20 percent only with U.S. consent and is prohibited from reprocessing spent nuclear fuel. South Korea seeks to ease these restrictions through revisions to the bilateral pact.

Addressing President Lee Jae Myung's North Korea dialogue initiative, which emphasizes "exchange," "normalization," and "denuclearization" (referred to as the END initiative), Wi stated that these elements are not sequential but are designed to support each other. He acknowledged the lengthy process required for the envisioned "normalization" of inter-Korean relations, given the current security environment on the Korean Peninsula. The two Koreas remain technically at war, as the 1950-53 Korean War concluded with an armistice agreement, not an official peace treaty.

"The end point will be normalization within the special relationship," Wi explained, adding that this approach is rooted in past inter-Korean agreements and has been maintained by previous governments. His definition of normalization differs from that of Unification Minister Chung Dong-young, who asserted that Seoul and Pyongyang are two separate states from the perspective of international law. Critics noted Chung's view partially aligns with North Korean leader Kim Jong-un's portrayal of the two Koreas as "two hostile states."