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US, South Korea agree to strengthen cooperation on North Korea sanctions

US's Steven Mnuchin & South Korea Finance Minister Yoo Il-ho expressed great concern over North Korea’s 12 February ballistic missile test.

North Korean leader Kim Jong-Un being briefed during an atmospheric re-entry environment simulation of a locally manufactured heat-resistant section of a ballistic missile warhead part at an undisclosed location in North Korea. Picture: AFP.

SEOUL – South Korea and the United States agreed on Thursday to strengthen cooperation on financial sanctions against North Korea, the finance ministry in Seoul said, after Pyongyang’s latest ballistic missile test last month.

US Treasury Secretary Steven Mnuchin and South Korea Finance Minister Yoo Il-ho expressed “great concern” over North Korea’s 12 February ballistic missile test and promised to follow through with United Nations sanctions, as well as their own, the ministry said in a statement after a call between the pair.

Mnuchin and Yoo also reaffirmed the close economic relationship between the United States and South Korea and agreed to talk in greater depth at a meeting of Group of 20 finance ministers and central bank governors this month.